中国钢铁业:重回正轨

China’s steel sector:back to business

关键提示中国需求的增加无疑使全球铁矿石贸易避免了新冠疫情带来的最坏影响,将支撑今年全球铁矿石海运贸易量增长约1%。中国在全球钢铁行业中占据着主导地位。在2019年全球粗钢产量中,中国占比达54%;在铁矿石海运进口量中,中国占比高达73%;中国钢材海运进出口量占全球钢材海运贸易量的22%。虽然年初新冠肺炎疫情的暴发给中国钢铁行业带来了不小的挑战,但是近期经济活动的逐步恢复为钢铁行业的改善提供了显著动力。

China dominates the global steel industry:it accounted for 54%of global crude steel production and 73%of seaborne iron ore imports last year,and on top of this was either importer or exporter of 22%of global seaborne steel products trade.While the Covid-19 pandemic did create challenges earlier this year,there are signs that a firm recovery in activity is having a range of significant impacts...Looking ahead,immediate Chinese steel industry fundamentals look supportive:infrastructure-focused stimulus continues to drive demand,and output is expected to exceed 1 bt this year.While this may add to pressure on steel industries elsewhere,it is shielding global iron ore trade from the worst impacts of Covid-19(volumes could grow by c.1%globally this year).Meanwhile,though steel products trade is under pressure(a decline of c.14%is projected globally this year),Chinese imports are providing opportunities for some.Overall,China’s steel industry looks in good shape;a notable bright spot amid the Covid-19 crisis.