Roundup of China's Bearing Steel Market Dated from Nov 11 to 18
Resource from: CBCC Likes:3049
Nov 24,2005
China bearing steel price went ahead steadily during this week, except little slide in Tianjing Market. Owing to the relative small sales, the bearing steel price in Tianjiing market declined about RMB 100 per ton.
China bearing achieved a sustainable and rapid development in recent years. The output and sales increased 22.1% and 16.8% respectively year-on-year from 2001 to 2004. The bearing sales and output in the Tenth Five-year Plan were scheduled 31 billion and 3 billion, but both of which was fulfilled two years in advance. The sales and output respectively hit RMB 44.6 billion and 4.93 billion sets in 2004, and 2.27 billion sets of bearing were exported with the foreign exchange of $1.14 billion.
But because of the rudderless competition and overlapped low-level construction, the conflict of structure surplus becomes more and more visible. The supply of common bearing greatly exceeds the demand. However, high-tech bearing with good quality, high precision and added-value still depend on import, so the quality of steel bearing should be improved further.
According to the statistics, in the first nine months, the sales of the machinery parts continued to increase but relative slowly. The production value was up 25% year-on-year in the first nine months. It is expected an increase of 23%~24% in 2005. The export reached $2.23 billion in the first nine months, up 38% year-on-year. About $2.8-2.9 exports are expected in the whole year. Currently, the profit of machinery parts is experiencing a deep slump, which has brought many difficulties in the rise of bearing steel price.
Taken together, the bearing steel continued to slide in this week owing to the recession of steel market.
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