Frbiz.com Reported Steel Investments Hit Cny 1 Trillion In China In 2009
According to Mr Cheng Siwei, former vice chairman of Standing Committee of the National
People's Congress during the 9th China Economic Forum held in Beijing disclosed that, China's steel industry has to face 200 million tonne of excessive capacities at present, in accordance with the calculation of CNY 5000 per tonne investment, that is to say, China will squander nearly CNY 1 trillion of steel investments this year.Mr Xu Xiangchun chief analyst of Mysteel believed that the above figures were a little bit higher. As learned, the output of crude steel arrived at 0.57 billion tonnes in 2009 there were only 0.13 billion tonnes of steel oversupplies as per 0.7 billion tonnes predictive capacities. And the crude steel output may continue to increase at 0.62 billion tonnes to 0.63 billion tonnes next year, so the oversupplies are likely to arrive at 0.1 billion tonnes.
Nevertheless, the steel capacity oversupplies are really a big problem in China nowadays, with the demand of flats surpassing that of longs steel.
Before this, Mr Qi Xiangdong vice secretary general of CISA told the reporters that if China wants to curb the excessive steel capacities, it not only has to strictly control lower level repeat construction, also restrict blind high value added project. And the utilization of HRC was below 60% this year.
And Mr Li Yizhong minister of MIIT noted that the state won't approve to build new steel projects any more in the coming three years. However, there were still many steel enterprises choosing to built first & approve second policy, even the ongoing projects suspended halfway, which may easily restart operation after a short-block.
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