China 'Most Important Factor' In Steel Price Increases

April 28, 2005
It will come as no surprise to manufacturers who have seen costs soar that a study by Global Insight Inc., an economics consulting firm, identifies China as the "most important factor" behind recent steel price increases. "Explosive growth in the ...

It will come as no surprise to manufacturers who have seen costs soar that a study by Global Insight Inc., an economics consulting firm, identifies China as the "most important factor" behind recent steel price increases.

"Explosive growth in the Chinese steel industry has produced physical tightness worldwide for the range of steel-making materials, lifting input prices on a global basis. This is a permanent change and will affect markets for decades," says the study, which was done for the Association of Equipment Manufacturers, the Farm Equipment Manufacturers Association and the North American Equipment Dealers Association. China accounts for nearly one-third of global steel consumption and production and accounts for more than 50% of market growth, the study notes.

Less predictable is what the study says about India and steel prices. "The most important medium-term factor is the probable rise of India. Just as China dominates current analysis, India could soon enter a growth pattern and provide a second dose of strong growth to steel demand."

Popular Sponsored Recommendations

Discover How an Eye Tracking Study Improves Training Procedures

Oct. 29, 2023
Did you know that your training processes can be streamlined by visualizing and analyzing key skills within your employee base? Find out how we use eye tracking to capture advanced...

The Executive Guide to Best Practices for Ecommerce Integration

Oct. 2, 2023
Get ready to elevate your post-checkout experiences and thrive in today's unpredictable market. Learn why integration and automation are crucial to run operations more smoothly...

How Digital Twin Technology is Empowering Manufacturers

Sept. 27, 2023
This FAQ delves into why this technology offers business value and considerations toward implementation.

Smarter Savings for Manufacturers - Guide

Sept. 11, 2023
Boost your manufacturing sales and revenue while reducing costs. Learn how one platform can help your business be more agile and productive in today's market.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!