China - Steel Consumption Roaring on Strong Construction, Auto Sectors
Released on: August 25, 2008, 12:41 am
Press Release Author: Shushmul Maheshwari
Industry: Industrial
Press Release Summary: China has secured an important place in the world steel industry at both fronts – production and consumption - due to economic growth, booming construction and automobile sectors and cheap labor.
Press Release Body: According to “China Steel Industry Forecast till 2012”, a research report by RNCOS, China is one of the world’s largest steel industries and is recording the fastest growth rate not only in terms of production, but consumption also (China is the largest steel consumer in the world).
The report says that the crude steel consumption in China during the first half of 2007 surged 9.6% to 206.9 Million Metric Tons and reached an estimated 402.4 Million Metric Tons at the end of 2007. It forecasts the apparent steel consumption in the country to grow nearly 10% in 2009 against the consumption level in 2007.
China’s steel consumption has risen on the back of cheap production base supported by the vast availability of cheap labor in the country, says the report. Moreover, the soaring economy of the country (at annual growth rate of more than 10%) has fueled the demand for steel, especially of long products used in construction and automobile industry. Construction sector consumed 54% of the total steel consumption in 2006, while the automobile industry consumed nearly 6%.
A Senior Research Analyst at RNCOS says that apparent steel consumption of China will keep rolling the steel industry along with booming construction and automobile industry. Apart from these two industries, shipping, and machinery & equipment sector will also play an important role in improving the overall steel consumption.
“China Steel Industry Forecast till 2012” is a comprehensive study of the world’s largest steel industry, and gives an overview on its various parameters, like production and consumption pattern, type of steel products, and major exporting countries. The report outlines the past and future market trends and discusses growth drivers, opportunities and challenges for the industry to help clients understand the direction in which the market is lively to move.
The research report thoroughly studies the Chinese steel industry and gives forecast on its various segments, including production of crude steel, apparent consumption of steel, and consumption of crude steel.
About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today\'s globally competitive environment.
For more information visit: http://rncos.com/Report/IM596.htm Current Industry News: http://www.rncos.com/Blog/
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