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2018 steel demand will peak in March and April

13:54 - 22/11/2017
With promising positive economic growth coupled with a "One Ring Road" strategy and a restructuring plan for the steel industry that the Chinese government is implementing, analyst Wang Hetao said demand for steel will continue to grow steadily.

In the spirit of the 19th China Congress, China's economy will improve. The investment in infrastructure (which is part of the One Ring Road strategy) and the reduction of 100 million tons of steel output will have a major impact on the steel market in the long term. Wang Hetao said domestic steel demand could peak in March and April 2018 then maintain a positive momentum.

Steel Market Analyst Wang Hetao

In the first 6 months of 2017, bar prices are stable. Meanwhile, from June to the present, hot rolled coil prices despite the cold rolled coil price is still weak. The difference in prices of steel products is mainly due to the demand in each industry is not the same. For example, the demand for rolled steel in the automotive sector is low, while the demand for construction steel is high due to the government's infrastructure investment plan.

Speaking at China's 2017 Summit of Raw Materials and Energy, Wang Liqun, vice president of the China Iron and Steel Association, said that the restructuring of supply and the reduction of excess steel was believed to be good for the raw material market. Faced with a downward trend in the past few years, the steel market is focused on exploiting potential and improving management. These efforts have been positive. Demand of the macro market and light industry also increased, leading to a sharp rebound in steel prices and rising raw material prices.

Zhou Guoquan, vice president of Zenith Steel Group Company Limited, quoted the results of the 19th China Congress as saying that production cuts had been achieved.

Jane Zao, director of iron ore division at Vale, said that China's industry will enter a period of sustained growth. Only factories that operate effectively and adhere to the requirements of the new industry can survive the market. Environmental protection regulations are becoming more stringent, while rising demand will lead to higher-quality iron ore, especially domestic iron ore.
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