Chengde Steel Doubles High-Strength Anti-Seismic Rebar Output
News: Chengde Steel, a subsidiary of China-based Hebei Iron and Steel Group, produced 109,505 tonnes high-strength anti-seismic rebar during January-September 2013, reports Steel Guru. This output is double the volume produced during the same period of the previous year. Hebei Iron and Steel Group's mining division has been named as one of three designated warehouses for iron ore futures trading at the Dalian Commodity Exchange.
BMI View: China's metals industry faces a protracted period of slowing growth as the country's rebalancing process begins in earnest. Companies in sectors tied heavily to the construction industry will take the brunt of weakness from the sharp slowdown in fixed asset investment. The consolidation of the bloated steel sector will be a slow and painful process as concerns over maintaining employment will temper Beijing's appetite for a considerable shake-out of the steel industry.