SEATTLE (Scrap Monster): The recently published Short Range Outlook (SRO) by the World Steel Association (worldsteel) highlights the surprisingly resilient rebound in steel demand in China, contrary to sharp contraction in steel demand witnessed in the rest of the world.
The strong recovery from the pandemic since late February is seen continuing in a steady pace. This is indicative of the strong positive GDP growth in the country. It must be noted that the Chinese GDP had contracted by 6.8% in the initial quarter of the current year. The various steel consuming sectors too showed significant revival during the recent months, SRO report said.
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The country has been witnessing notable recovery in investments in real estate and infrastructure. The automotive industry registered growth of 7.6% over the previous year in August 2020.
According to worldsteel, the Chinese steel demand is expected to increase by 8% in 2020, mainly driven by stimulus measures and strong property market. The steel demand is expected to stay flat in 2021, mainly on account of anticipated limited rebound in the country’s manufacturing sector.
The monthly steel output data suggests that Chinese crude steel production climbed higher by 8.4% year-on-year in August this year to 94.8 Mt.
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