However, China is also a major exporter of steel. The following five areas represent important specific determinants of steel prices:Ĭhina uses about half of the annual global supply of steel and, therefore, may be the biggest determinant of steel prices.ĭouble-digit growth in Chinese GDP over the past decade has created robust demand for steel in office buildings, residential housing, infrastructure and other types of construction.
Therefore, the price of steel is a good barometer for global economic strength. This sector accounts for about 2% of annual demand.ĭiverse industries all over the world use steel in their products. Knives, cookware and other small kitchen appliances use steel.
This sector comprises about 3% of global steel demand and includes connector and component brackets and other equipment. This sector includes shipbuilding and trains and comprises 5% of annual global steel demand. This sector includes consumer goods such as refrigerators, washing machines, and air conditioners and accounts for about 11% of annual steel demand. These sectors account for about 30% of annual steel demand. Specialty steel is used in engine parts, transmissions, and suspensions. Steel sheets are used in vehicle frames, hoods, doors, mufflers, bumpers and fuel tanks. Mechanical Equipment and Automotive Sector Construction and infrastructure account for about half of the annual steel consumption globally. Builders and engineers use steel to construct high-rise buildings, industrial sheds, residential buildings, bridges, parking garages, rail lines and other structures.
0 kommentar(er)
