China's steel industry will remain healthy, vigorous in 2023; Australian imports to expand
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Update time : 2023-02-15 18:07:26
China's steel industry, an economic gauge, will remain healthy and vigorous, driven by pent-up demand after the nation's downgraded epidemic response and efforts to stabilize supplies and curb prices, according to insiders at a membership conference of the China Iron and Steel Association (CISA) on Monday.
Backed by a stabilized real estate market and the rebound of other steel-consuming industries such as vehicles, ships and home appliances, the steel sector will trend higher in 2023, said CISA's Executive Chair He Wenbo at the meeting.
As a result, a boost is likely for imports of iron ore and coking coal from countries including Australia, a major supplier of bulk commodities, experts said.
The positive outlook for steel producers is based on the improving prospects of the vehicle sector and the nation's shipyards, both of which are important steel consumption industries.
