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China steel industry in crisis
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Domestic demand goes down, prices fell, while banks tightened lending firms are making heavy losses steel here.
After decades of growth, China's steel industry is in a difficult situation than ever before, while domestic demand declined due to the economic slowdown and the real estate industry go down. Steel and iron ore prices plunge has caused water plants must rush to seek opportunities abroad, Bloomberg said.
Mr Zhu Jimin - Vice Chairman of China Iron and Steel Association (CISA) comments domestic demand is going down, banks are tightening lending, and companies increasingly heavy losses. This is the answer for anyone who still doubts about the level of the crisis in the steel industry is the world's largest.
"The pace of production cuts is not commensurate with reduced demand, causing oversupply worsened. Although China has lowered interest rates several times, the steel company said the actual borrowing costs of them back rise, "Zhu revealed during an event yesterday in Beijing.
Chinese steel mills to contribute to half of global output. However, President Shanghai Baosteel - Xu Lejiang last week that Chinese steel production could fall by 20%, if the scenario in Europe, America and Japan repeated in this country. Shanghai Baosteel is now the second largest steel company in the country of production.
"The demand for steel in China is falling with unprecedented speed, while domestic growth slows. The demand went down also makes steel firms to cut prices to compete for contracts," Zhu said.
The large-scale factory and average it had a total loss of 28.1 billion yuan (4.4 billion dollars) in the first 9 months, according to data from CISA. Steel demand in China also shrank 8.7% in September compared with the same period last year. As steel prices have fallen 60% this country since 2012.
The Chinese government has closed many industrial zones, while the heavy industry gradually weakened due to declining demand and overinvestment. They also want to drive the economy in a new direction, focusing and consumer, and technology services.
Signs of difficulty of steel companies are more and more. This month, Angang Steel can alert hole in the third quarter due to lower prices and unfavorable exchange rates. The stock price of this company on the floor of Hong Kong (China) have lost more than half this year. Last week, Sinosteel - a state-owned steel firms could not pay interest on the bonds maturing in 2017.
Crude steel output in China fell 2.1% to 608.9 million tons in the first 9 months of this year. Meanwhile, exports rose 23% to 83.1 million tonnes.
Last month, Citigroup warned Chinese steel makers are facing a difficult situation unprecedented, and most are losing money. This month, Macquarie Group also made similar statements.
"Raising capital is still an urgent issue, as banks tighten lending steel industry. Many steel firms lament difficult to extend the loan, or even suggested raising interest rates," Mr Zhu said .
Thu Ha
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18/8/2025
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