Behind the boom in China's steel production since March - and hopes for a quick economic recovery - is a tale of two diverging sectors: construction demand for infrastructure projects has been strong, while manufacturing has been slower to bounce back.
MANILA/BEIJING - Behind the boom in China’s steel production since March - and hopes for a quick economic recovery - is a tale of two diverging sectors: construction demand for infrastructure projects has been strong, while manufacturing has been slower to bounce back.
The soft underbelly in China’s steel revival following the coronavirus outbreak is about to be thrown into stark relief by a seasonal downturn at building sites, analysts say, and points to a more protracted recovery for the world’s second-largest economy from a once-in-a-century pandemic. The surge in steel output to all-time highs in May raised hopes that the heart of the economic engine is recovering well, and may help resuscitate growth at home and globally.
Stocks of rebar have also fallen faster than other steel products, dropping by 51% since peaking in mid-March.
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