Despite the permanent drop in metal prices, Chinese steel manufacturers increased the production of steel by 2.6% in April 2012 to 60.57 million tons compared to the same period in 2011. Compared to March 2012, the production of steel products has slightly decreased by 1.6% (61.58 million tons).
As Chinese experts told Bloomberg, steel production and its offer are significantly ahead of demand. The Chinese analyst Hu Zhengwu in particular said - "Further decline in production is expected, since the metallurgists do not intend to increase the shipment of metal rolling at low prices."
The pressure on the prices of China’s domestic market has been exerting competition that has been seriously increased since the beginning of 2012. In the first quarter of this year, large private production - metallurgical plants that significantly increased the level of supply in the market were commissioned.
Nevertheless, China increased the production of steel in April mainly due to the soft credit and monetary policy of the Chinese National Bank.
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Chinese metallurgists in April increased steel production by 2.6%
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Azovpromstal® 15 May 2012 г. 00:01 |
