Baosteel Thinks China Steel Use Will Peak in 2018

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Dai Zhihao, general manager of Baosteel, speaking at the annual industry conference in Qingdao, commented that “China’s annual steel consumption is expected to peak at 825 million tonnes in 2018…as demand growth runs out of steam” reports Reuters.

“Big iron ore suppliers such as Vale, Rio Tinto and BHP Billiton have used sustained growth in appetite from Chinese steelmakers to justify their rapid expansion plans. But representatives from the Chinese steel industry have repeatedly stressed that domestic demand is slowing and that an iron ore supply glut will drive down prices in the coming years.”

The week’s biggest mover on the weekly Renewables MMI® was silicon, which saw a 8.3 percent increase. Finishing the fourth week of rising prices, the price of Chinese cobalt cathodes increased by 2.4 percent. Neodymium remained unchanged for the week. Chinese steel plate traded sideways last week.

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Japanese steel plate prices held steady from the previous week. Following a steady week, prices for Korean steel plate closed flat. Prices for Chinese steel plate remained constant. The price of US steel plate did not change since the previous week.

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US grain-oriented electrical steel (GOES) continues to hover for the fifth day in a row.

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