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Chris Leonard
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Join Date: Dec 2004
Posts: 1776
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Global Steel Markets are Oversupplied

08/11/2005 9:47 AM

According to MEPS (International) LTD., an independent supplier of steel market information, the global steel market is oversupplied and will remain that way for some time. The world output of steel is up 7.6% over last year at this time, even though companies in Europe and North and South America have cut back on production. This has led to seven straight months where the price of steel has decreased. If you plan to engage in major construction projects, now may be the best time.

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BRodda
The Feature Creep

Join Date: Feb 2005
Location: Boston, MA
Posts: 990
#1

Shortage to excess?

08/11/2005 10:49 AM

It was less then two years ago there was a big flap about how there was going to be a world steel shortage. I wonder what changed to make it go from shortage to surplus. I would imagine that rebuilding the areas hit by the Tsunami would have sucked up a lot more steel.

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Chris Leonard
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Join Date: Dec 2004
Posts: 1776
Good Answers: 35
#2
In reply to #1

Re:Shortage to excess?

08/11/2005 10:59 AM

Asian steel production, specifically China, grew dramatically.

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BRodda
The Feature Creep

Join Date: Feb 2005
Location: Boston, MA
Posts: 990
#3
In reply to #2

Re:Shortage to excess?

08/11/2005 11:05 AM

Funny thing is we they are HORRIBLY inefficient at making steel.
From Business Week :
Chinese steelmakers on average use about twice as much energy as Japanese or Korean rivals per ton of output. Only 5% of the country's office and residential towers meet China's own minimal energy-conservation standards. China's waste has big implications for global oil prices: In 2004, China imported 2.4 million barrels per day. By 2030, the U.S. Energy Dept. estimates China will have to import 8.4 million bbl.
 So is an excess of steel directly tied to the rising cost of oil?

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