Global Market Scan: The spillover from tumultuous times in China’s steel industry

  • 📰 DCN_Canada
  • ⏱ Reading Time:
  • 62 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 74%

المملكة العربية السعودية أخبار أخبار

المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

Canada's construction news

The ongoing decline in steel rebar prices globally points to underlying issues within the construction industry internationally. Key factors behind the price decrease include unbalanced supply and demand and a slowdown in China’s economic growth. China is the largest producer and consumer of steel worldwide, playing a critical role in the commodity’s global markets.

The Chinese government has been unsuccessful in stabilizing the steel industry despite producers curbing their output. Lower steel production has also affected other commodities like iron ore, for which demand fell nearly 10% in one week during mid-August. Recently, China Baowu Steel Group Corp.’s Chairman Hu Wangmingthat the Chinese steel sector should expect a “harsh winter,” a worse downturn than the industry faced in 2008 and 2015.

This year, steel inventory sitting in ports has increased monthly, now exceeding 150 million tons, as Chinese producers have been looking to international markets for more sales. In the first half of 2024, the country’s exports surpassed the volumes seen in the previous eight years. However, other countries have resisted these efforts by imposing tariffs to safeguard their steel industries.

Analysts at Goldman Sachs expect China’s excessive exports to reverse in the coming years, as producers’ recent drastic decreases in output are helping restore the balance between supply and demand. However, an increase in domestic steel consumption in China seems unlikely without new government stimulus for the country’s construction sector and for the overall economy.

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 17. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Global Market Scan: Falling profits of key heavy machinery playersCanada's construction news
مصدر: DCN_Canada - 🏆 17. / 74 اقرأ أكثر »

Market gains, AMD acquires ZT Systems: Market Domination OvertimeAll three of the major market indexes (^DJI, ^IXIC, ^GSPC) round out Monday's trading day in positive territory, the S&P 500 and Nasdaq Composite closing...
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »

Stock market today: Dow, Nasdaq seesaw amid more soft jobs market dataLabor data is in focus as the prospect of rate cuts fails to offset growing doubts about the health of the economy.
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »

Housing market fairly stable in July, conditions growing for more active market: CREAOTTAWA — Canada's housing market softened slightly in July from a month earlier as sales of existing homes dipped and new listings inched up, the Canadian Real Estate Association said. Sales were down 0.
مصدر: SooToday - 🏆 8. / 85 اقرأ أكثر »

Stock market today: Wall Street rises as market focus turns from Nvidia to the US economyNEW YORK (AP) — Stocks rose on Wall Street Thursday as markets shift their focus back to the U.S. economy. The S&P 500 rose 0.8% in morning trading and is less than 1% away from its record set in July.
مصدر: SooToday - 🏆 8. / 85 اقرأ أكثر »

Labor market, Fed policy, tech rotation: Market trendsMarkets ended Wednesday's trading session mixed, as major indexes (^DJI, ^IXIC, ^GSPC) looked to recover from a tech-driven sell-off Tuesday. Yahoo Finance's...
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »