China steel output/exports exerting pressure on transport, resources - report
[Yiwu, this looks like overproduction to me - mish]
Monday, January 24, 2005 8:05:22 AM
afxpress.com
BEIJING (AFX) - China's elevated production and export of steel is expected to exert continued pressure on transport and resources, the China Business Post reported, without citing sources
The newspaper said China's steel exports, which turned the country into a net steel exporter last year, is affecting the domestic supply of steel, as well as worsening the supply of coal, electricity and oil and creating greater transport bottlenecks
It said China's level of raw material imports has had the effect of raising international prices for iron ore, among others
Iron ore prices are expected to rise more than 30 pct year-on-year on the international market this year, which will likely generate inflationary pressure in China, the newspaper said
So far, China's steel production has shown no signs of slowing. Although some private steel companies have been restrained by the government, large state-owned steel producers are expanding steadily, the newspaper added
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