In 2013, the steel market was influenced by a combination of domestic economic recovery and global uncertainties. The Chinese economy showed signs of improvement in the fourth quarter of 2012, with GDP growing at 7.9% year-on-year and retail sales rising by 13.5%. However, the international environment remained complex, with ongoing issues such as the U.S. budget stalemate, the European debt crisis, and the risk of global currency wars. These factors contributed to slower global growth, with the World Bank lowering its forecast to 2.3%.
Domestic investment in fixed assets saw a slight decline in 2012, though certain sectors like urban rail transit experienced growth. Railway infrastructure spending reached 650 billion yuan in 2013, with urban rail projects expected to invest between 280 to 290 billion yuan. Meanwhile, industrial activity showed steady growth, with the PMI remaining stable at 50.6%, and factory output increasing by 10.3% in December.
Raw material prices, particularly iron ore, experienced volatility. After an initial dip, prices rebounded sharply, with the Platts 62% iron ore index reaching $159 per ton. Despite short-term fluctuations, high demand and limited supply kept prices elevated. Coke prices also rose slightly, driven by supply constraints and geopolitical factors such as Mongolia’s coal export restrictions.
Steel production in December increased compared to previous months, but overall output for 2012 remained strong. However, the combination of high raw material costs and seasonal demand slowdowns limited further expansion. Steel inventories across major markets continued to rise, especially for rebar and wire products, due to low price buying and weather-related demand shifts.
Leading steel companies, including Baosteel and Wuhan Iron and Steel, raised prices in early 2013 to offset rising costs and secure profits. These price hikes aimed to stabilize the market and support long-term growth. With inventory levels expected to continue rising post-Spring Festival, the steel market remained dynamic, shaped by both domestic and global economic forces.
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