Waltham, MA — China’s steel consumption is up 110% over a six-year period and is rising, according to a new study by Global Insight. Production is increasing even more dramatically, as China is adding mills to meet surging domestic demand.
Ten years ago, China was a fringe player in the global steel market. Now, it is by far the largest player, producing over 20% of the world’s steel and consuming an even higher percentage.
China’s rapid growth is also distorting historical steel trade flows. Cheaper imports once destined for the United States are now bound for China, resulting in rising global prices. Previously abundant raw materials are now in scarce supply, adding to skyrocketing costs.
Global Insight’s new multi-client study, Steel at a Crossroads: China’s Role in Shaping New Global Markets, clarifies these complex issues by providing an in-depth perspective on China’s powerful new role in shaping the global steel market and addressing critical questions such as:
– What is China’s future outlook and will this phenomenon define a new steel market?
– How does China’s role in the industry impact global steel prices?
– Will the raw material shortage continue or will supplies increase to alleviate soaring
– Where is the most cost-efficient location to source steel, and is the quality adequate?
– Which types of steel will be in tightest supply, and why?
For more information, contact John Anton at Global Insight, 202-481-9231.