China's steel industry in sharp decline
Posted on: Tuesday, 24 February 2009, 12:01 CST
Production capacity has outstripped demand in China's steel-making industry, a trade association executive said.
Executive Deputy Director Luo Bingsheng of the China Iron and Steel Association said the market for Chinese steel hadn't shown signs of recovery, Xinhua reported Tuesday.
The financial crisis and the domestic economic slowdown resulted in contraction in both overseas and domestic markets,
Luo said Monday.
China is both the world's largest steel producer and the largest consumer, Xinhua said.
The General Administration of Customs said China exported 1.91 million metric tons of rolled steel in January, a decline of 2.22 million metric tons compared with January 2008, a 53.8 percent decline.
The World Steel Association has predicted worldwide demand for steel would drop 10 percent in 2009. The association said Japanese steel imports would drop 31.6 percent in the first quarter, compared to the first quarter of 2008.
Source: United Press International
Related Articles
- China Precision Steel Announces Preliminary Results for Fiscal Year 2008
- Chinese Steel an Issue in Presidential Race
- China Precision Steel Announces Third Quarter Fiscal 2007 Results
- Despite Being the Largest Producer of Steel, China is Merely a Large Steel Manufacturing Country Instead of a Powerful One
- China Precision Steel Announces Second Quarter Results for Fiscal 2007
- Posco Raising Steel Price 8 Percent
- Steel Imports Up 32% Over Same Period in 2005
- American Steel Shipments Up in January
- G Steel Eyes 5 Percent Rise in Gains
- Kobe Steel Group Firm Begins Machinery Construction in China
 |
 |
User Comments (0)
RSS Feeds