• China's steel prices declined steadily in September, with HRC/rebar prices falling by 50 to 60 yuan/ton in Shanghai, UBS Hong Kong/China Daily Comment report. The report also forecast higher crude production and persistent supply pressure in the short term.
  • China's steel demand may not show structural growth going forward, and its steel consumption is estimated to be between 750 million to 850 million tons in 2013, compared with 673 million tons in 2012, Deutsche Bank said in a research report, citing Chi Jingdong from the China Iron and Steel Association, who attended an international industry forum. Chi reiterated the problem of excess capacity and suggested the following to tackle it: industry consolidation, technical upgrade, relocation of capacity and tougher environment regulations.
  • China's annual steel consumption is expected to peak at 825 million tons in 2018, predicted Dai Zhihao, president of Baosteel, the nation's second biggest steelmaker by output. China's steel consumption is estimated to total 698 million tons this year, according to Dai.
  • Trading of iron ore futures is expected to begin by the end of 2013, China Business News reported, citing a person close to the Dalian Commodity Exchange. 98% of iron ore is used as raw materials for steel production in China, which consumes almost 60% of the world's iron ore.

 

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