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April 21, 2005
In Case You Missed It: China is Driving World Steel Demand
Assuming this particular fact wasn’t already drilled into your head, the International Iron and Steel Institute (IISI) forecasts that China’s demand for steel will drive the worldwide market. The total use of finished steel products will exceed 1 billion metric tons for the first time in history, says the IISI, and China will account for 80% of this year’s growth.
The IISI also forecasts that apparent steel use will fall in the United States this year. Our anecdotal observations confirm such a forecast. Aggressive inventory build-up in late 2004 has left users with an overhang so far in 2005, and recent price decline make the pain of such an overhang more vicious.
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