News / Chinese Steel Prices Climb to Three-Year High
Date: 2017-03-27
Chinese Steel Prices Climb to Three-Year High
Chinese steel prices remain higher after rallying to a three-year high on Wednesday, boosted by positive demand expectations from China following the release of solid economic data.
Data released this week showed that China’s fixed-asset investment grew 8.9% in January and February from the same period last year, due to strong demand from property and infrastructure construction. Analysts were expecting the figure to come in at 8.3%.Industrial output grew by 6.3% over the same period slightly above the expected 6.2%. Analysts have noted that they expect construction to taper in the later part of the year as the country’s infrastructure spending programs wind down, but, the recent stream of better-than-expected economic data and the fact that it an election year in China is causing analysts to turn more positive.
In the recent past, there were concerns that as China’s infrastructure programs came to an end the country’s economy could stutter, and with the large amount of debt used to fund the latest growth initiatives, China would be without ammunition to further boost its economy. On Wednesday, Premier Li Keqiang acknowledged that China’s economy faces domestic and external risks this year, but added that the country has many tools to mitigate these risks.
Meanwhile, the latest steel sector data from China shows that the country’s steel output continues to increase despite the government’s moves to trim output. In the first two months of 2017, China’s steel output increased 5.8% to 128.77 million tons, according to data from the National Bureau of Statistics. The rise in steel output comes as the government’s shuttering of excess steel production increased prices for lower-quality rebar. China is targeting a 50 million ton capacity cut this year.
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