The first contraction in domestic steel consumption for nearly two decades is driving China to look to markets overseas.
Apparent steel consumption dropped 3.4 per cent last year, the first fall since 1995. Oversupply in a country that accounts for half the world’s production is severe — at one point last year the price of steel fell below that of cabbage.
Amid a “new normal” of slower growth at home, an uncertain outlook overseas and slumping commodity prices, China’s industrial champions — often the largest employers and taxpayers in the regions where they are based — are desperate for new business.
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