China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (1836)	12/9/2003 12:34:23 PM
From: RealMuLan	Read Replies (1) of 6370

China faces overheating of steel industry www.chinaview.cn 2003-12-09 09:54:41 BEIJING, Dec. 9 (Xinhua) -- As investment keeps pouring in, Chinese industrial experts warn that the steel sector is becoming overheated. Risks are accumulating in both raw material supply andthe sale of finished products. China produced 179.6 million tons of steel in the first ten months this year, including 19.82 million tons produced in October,according to China Iron and Steel Association (CISA). The whole year's figure is expected to reach 210 million tons, up 15.38 percent from 182 million tons in 2002. "Owing to the rapid expansion of steel production capacity in recent years, prices of raw materials have been pushed to very high levels," said Wang Jiong, general manager of Wuhan Iron and Steel Company in central China's Hubei Province. Wang said the prices of domestic ore concentrate and coke have doubled the level of last year. Prices of imported ore have also risen markedly. The situation will worsen as new steel production projects soon join the race for limited raw materials. "A number of new steel production projects are being built. These projects have a total steel production capacity of 120 million tons," said an authoritative analysis report. news.xinhuanet.com

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