Steel demand in China

CHINA ADVISORY - Report 09 Jan 2024 by Andrew Collier

China’s property industry, one of the major buyers of steel, is in decline. Property accounts for about one third of steel demand in China. The top 100 developers suffered declines of 4 percent sequentially and 30 percent year on year for contracted sales in November, according to CRIC estimates.

Yet steel production is relatively strong. Production has been slightly above 2022 levels and significantly higher than in 2019. Why? Is this due to stockpiling or real economic activity? The answer tells us a lot about China’s economic strategy going into 2024.

Now read on...

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