Chinese steelmakers are dealing with a substantial oversupply problem
that will likely force them to transform the way they do business. A
report posted on the China Iron and Steel Association (CISA)'s on Monday
said that a weak economic recovery, low demand, high prices for raw
materials and high steel output have caused an oversupply of steel
products.
The National Bureau of Statistics has already showed
that steel output increased by 11.3 percent year on year to 91.19
million tonnes in May. In the first five months of the year, steel
product output rose 10.8 percent year on year to reach 426.16 million
tonnes.
Meanwhile, the Complex Steel Price Index (CSPI) released
by CISA dropped by 13.35 percent year on year to hit 101.83 by the end
of May, down 3.71 percent from that of April.
Source by Commodity Insights
No comments:
Post a Comment