PRC Steel Sector Outperforms Expectations

摘要

Although at 4% the annual rate of expansion in crude steel production in November fell short of the pace set earlier in the year, apparent steel consumption (production plus imports minus exports) rose 7% yr-on-yr with 2013 on course for 8% expansion for the full 12 months. As the first chart (right) demonstrates, this is roughly equivalent to the 2011 growth rate and outpaces the expansion in apparent consumption seen in 2008, 2010 and 2012.