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Baowu Group: China's steel industry faces tougher crisis than in 2008 and 2015-弹簧展-2025第二十五届广州国际弹簧工业展览会--巨浪展览-Spring Industry Exhibition -The 25th China(Guangzhou)Int'l Spring Industry Exhibition
8/20/2024 弹簧展 - Spring Industry Exhibition |
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Hou Angui, general manager and deputy secretary of the party commitee of Baowu Group, the leading Chinese steelmaker, hasstated that China''s steel industry is facing a tougher situation than in 2008 and 2015. During Baowu''s 2024 semi-annual workconference, he urged the group''s financial deparment to pay attention to the security of the corporate financial chain. He asked thegroup to make a longer-term capital balancing plan as cash is more important than profit in the process of traversing "a long andharsh industry winter
The struggles of the Chinese steel market have deepened this year more than expected, according to Baowu. The main factor isworsening steel demand, with the deeper crisis of the real estate market. Apparent steel consumption in China declined by 3.3percent in the first half of 2024., while production declined by just 1.1 percent. Weakening local demand already resulted in steelexports increasing by 24 percent in the first half. Early this year, market sources expected some mild increase in overall overseasshioments to near 100 millon mt, versus 90 milion mt ast vear But now expectations have changed and market sources do notexclude exports reaching 120 million mt.
"Finally, someone dares to say what everybody has known for a long time, in a market where physical demand has decreased forseveral years already, while global overcapacity is exceeding 600 milion mt and, regardless, almost all countries are announcincadditional capacity expansions for the coming years," a source in Europe commented
To fight the severe market conditions, Baowu stated that it wil accelerate the establishment of a market-oriented operationmechanism, keep reducing costs and improving eficiency, while it wil also focus on the relationship between technical indicators
and economic efficiency
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