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Home > MEPS Steel News - 11.02.2014

CHINESE FINISHED STEEL PRODUCTION FORECAST TO INCREASE BY 5 PERCENT THIS YEAR

MEPS forecasts Chinese output of finished steel mill products for sale, in 2014, at 830 million tonnes. This equates to an annual gain of almost 40 million tonnes (5 percent).

Hot rolled coil production escalated by approximately 10 percent last year. A more modest growth rate of 2.5 percent is envisaged in 2014.

Chinese shipbuilding output plummeted in 2013. However, a rise in new orders was witnessed and this should provide some encouragement to the yards that the worst may well be over. MEPS believes that plate production will increase to 66.5 million tonnes in 2014 - up 2 percent on the year earlier figure.

The Chinese home appliance industry grew by a mid-single-digit figure last year. A similar expansion is envisaged in 2014. Cold rolled coil production is predicted to be 39.5 million tonnes in this period.

Output gains of coated steel are projected to be more sustainable this year. The recent trend has been for double-digit percentage increases.

Further solid expansion in Chinese production and consumption of medium sections and beams, including rails, is foreseen this year. Railway construction should maintain its strong growth, albeit with a slight reduction in spending planned.

Building and infrastructure will continue to drive demand in China. This should support further solid increases in the output of wire rod and reinforcing bar.

Production of merchant bar surged last year, supported by strong export sales. We believe output growth will slow in 2014.


Source: MEPS World Steel Outlook Quarter 4-2013
 

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