China’s high-grade steel imports to rise next year
SHANGHAI: China, the world's biggest steel maker after doubling output since 2000, may see imports of steel products used in cars, appliances and ships rebound next year after a recovery in domestic prices, analysts and producers said.
The price in China of cold-rolled coil, used in car panels and appliances, rose 8.5% since the end of September to 6,380 yuan (US$771) a tonne, Beijing Antaike Information Co said. Prices in the United States, meanwhile, have been falling, according to Metal Bulletin, making it more profitable to sell steel in China.
Prices of cold-rolled coil and other value-added steel products are recovering from a slide earlier this year after China tried to rein in economic growth. Arcelor, Nippon Steel Corp, Posco and other leading producers stand to gain as China's mills cannot produce enough high-grade steel to meet demand.
“Some domestic steel makers are increasing hot-rolled capacity to benefit from higher prices, but for cold-rolled and higher-end products, the shortage will remain acute for some years,'' said Ma Haitian, an analyst with Beijing Antaike Information Co. “Japan, South Korea and EU (European Union) nations, the big makers of hot-rolled and cold-rolled coil, will benefit.''
biz.thestar.com.my |
