China Steel Sector Gaining Strength
China: The Chinese metal product markets have been witnessing a continuous downfall since the past three years. One of the largest world producers of steel and iron has been falling in its position from the global list of prominent metal producers and suppliers. The lull in the market however is seeing some light as of late. There have been reports from market analysts in China that the prices of steel stopped falling in March of the present year. The steel sector
is gaining strength post facing some hard times.
In the starting of the present year, Bengang Steel Plates and Gansu Jiu Steel Group Hongxing Iron and Steel had recorded 71.11 percent and 55.1 percent year-on-year drops in first quarter net profits. Experts say that during the entire year of 2012 steel prices may witness an upward trend. Also, as per market reports, 25 steelmakers in China recorded a 49.5 percent year-on-year drop in net profit despite there being a 17.04 percent rise in revenue.
Wang Guoqing, an analyst at lgmi.com says, “Demand for deformed steel bars
and wires will significantly improve in April.”He is supportive of his statement because of the pickup that the construction sector has seen this year. Throughout March the steel sector has been extremely volatile; however, owing to the demand of a few steel products, the entire industry is witnessing a huge positive shift again.
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