Sunday, 30 Jan 2011
Bloomberg reported that China, the world's biggest stainless steel producer, boosted output of the rust proof metal by 28% in 2010, cutting imports as demand from home builders, auto manufacturers and appliance makers rose.
The Stainless Steel Council of China Special Steel Enterprise Association said that production advanced to 11.3 million tonnes in 2010. Imports fell 18% to 1.07 million tonnes.
Lianzhong Stainless Steel Corporation., Jiuquan Iron & Steel (Group) Co and other Chinese producers started new plants in 2010 to meet demand from construction projects and for products ranging from kitchen sinks to aircraft fuel tanks. China boosted output of duplex, a high grade product, by 50% in 2010, cutting its dependence on imports.
The Stainless Steel Council of China Special Steel Enterprise Association said that "China's sales of houses, cars, appliances, home furniture and building materials have all had big growth, driving up consumption of stainless steel. Our duplex products are now able to compete with global rivals."
China's hot rolled stainless steel prices at ports have risen 20% in 2010 to USD 3,250 a tonne as of the week January 21st 2011. Stainless steel exports more than doubled to 1.54 million tonnes last year. Domestic apparent consumption, which includes stockpiles, rose 14% to 9.4 million tonnes.(sourced:bloomberg.net)
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