Chinese steel industry indicates strong growth in second quarter

Wednesday, 28 July 2010 17:40:04 (GMT+2)

According to a report by the Zhongjing Industrial Prosperity Index Research Center which is linked to China's National Bureau of Statistics, the economic prosperity index of China's iron and steel industry for the second quarter of 2010 was 101.2, up 1.8 points compared with the first quarter, reflecting the strong growth of the domestic steel industry in the period in question.

The report states that, given the rapid growth of the domestic steel industry in the second quarter, China's steel output for the whole year is expected to increase by approximately 10 percent year on year to 630 million mt. However, the report also points out that, due to excess steel production, steel prices have indicated continuous fluctuations, placing pressure on the domestic industry. As proposed in the report, Chinese steel enterprises should bring their production plans in line with market consumption in the last half of 2010.

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