Auto market to push steel demand up 12% in China
Published: 19 Nov 2009 18:38:58 PSTShanghai, November 19 (Gasgoo.com) China's booming auto market demand may push steel demand in the country by 12% next year, lifting the prices of iron ore, Bloomberg reported today, citing an industry expert.
Domestic crude steel consumption may increase to 606 million metric tons in 2010, following a 14% gain this year to 541.4 million tons, said Luo Wei, a Shanghai-based analyst with China International Capital Corp. Benchmark contract prices for iron ore, used in steelmaking, may rise 15% to 20%, he said.
Steel prices in the country have risen 10% from this year's Oct. 15 low as manufacturers and traders deplete stockpiles and mills raise prices because of rising costs. Automobile and property sectors would be the big engines to drive up steel demand in 2010, the expert said in a report.
If you believe an article violates your rights or the rights of others, please contact us.
Digg
Reddit
Mixx it
FacebookRelated News
Most Read
- 1UPDATE 2-Gold falls in Vietnam after c.bank
- 2We reached a milestone when we received an
- 3India iron ore export price to China increases
- 4CCF Price Index (4 Feb 2010)
- 5US Dow to Permanently Shut Down Freeport TDI
- 6NYMEX Crude Oil (Light) Futures Price (4 Feb
- 7ICE Brent Crude Oil Price (5 Feb 2010)
- 8CZCE Sugar Futures Price (5 February 2010)
- 9DCE Soybean Oil Futures Price (5 February 2010)
- 10CZCE PTA Futures Price (5 Feb 2010)
