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1、CONTENTS Error! No text of specified style in document. February 2014 | 1-800-330-3772 | IBISWorld Industry Report 3210 Iron and Steel Smelting in China February 2014 About This Industry . 2 Industry Definition . 2 Main Activities . 2 Similar Industries . 2 Additional Resources . 3 Industry Perfor
2、mance . 4 Executive Summary . 4 Key External Drivers . 4 Current Performance . 4 Industry Outlook . 7 Industry Life Cycle . 9 Products however, an emerging steel supply surplus and restrained downstream demand caused by the global financial crisis led to significant drop-offs in the fourth quarter.
3、Operating conditions continued to worsen in 2009, despite the governments investment package to stimulate the economy, but the industry has since begun to recover. In 2014, ACMR-IBISWorld anticipates that demand for and production of pig iron and crude steel will increase. Although supply surplus pr
4、oblems linger, long-term prospects for the industry are promising, considering Chinas continued urbanization and accompanying expansion of infrastructure projects. However, the number of companies and employees operating in the industry are set to fall due to consolidation and improving production e
5、fficiency. The industry is forecast to grow at an annualized rate of 4.6% over the next five years to $324.2 billion in 2019. As the industry consolidates, output growth is projected to slow, limiting industry revenue growth rates. Key External Drivers The key sensitivities affecting the performance
6、 of the Iron and Steel Smelting industry include: Domestic Goods Prices - Metals - Steel Industry revenue and profit are directly affected by fluctuations in the prices of iron and steel. The average profit margin for industry operators dropped considerably in the second half of 2008 due to drastic
7、decrease in steel prices. Downstream Demand - Construction Trends in domestic demand for steel are closely linked to investment levels. A large proportion of steel products are consumed by the construction sector. Output of GDP - Secondary Industry Output The Iron and Steel Smelting Industry provide
8、s intermediate materials to most manufacturing industries. World demand for steel The ability to export is determined by foreign demand for steel (i.e. the international economic climate) and the competitiveness of Chinese products in terms of price, quality and service. The recent economic recessio
9、n in developed economies has had a major impact on Chinas export of steel products, which in turn repressed demand for crude steel. World Prices - Volatility - Minerals - Iron Ore Iron ore represents a large proportion of the industrys costs and more than half of the iron ore consumed in China is im
10、ported. Current Performance China is currently the largest steel producer in the world, accounting for over one-third of total crude steel production. Industry performance depends on steel prices, demand levels, and to a lesser extent, raw material prices. Chinas heavy investment in fixed assets and
11、 in the manufacturing sector has resulted in rising demand for steel products from downstream industries, especially the construction, automobile, and WWW.IBISWORLD.COM.CN Iron and Steel Smelting in China February 2014 5 shipbuilding industries. Although temporary difficulties exist in these industr
12、ies, the long-term growth potential is considerable. Steel companies are widely scattered across China, making the industry highly fragmented. Small iron and steel mills have been able to survive and thrive mainly due to a strong steel market. Small mills of private steel companies, which have emerg
13、ed as an increasingly important segment in this industry, account for more than one-third of the industrys output. A government-controlled industry This industry is under direct government control and operation. The main reason for developing the industry was to meet rising domestic demand. China pr
14、eviously imported large volumes of steel products to meet its domestic demand. Even now, only a few large integrated steel companies are equipped with the necessary technology and facilities to manufacture high-end products. In November 2009, the average price of imported steel products was $1,100 per ton. For exported steel products, the average price was $930 per ton, indicating the significant potential for the upgrading of products in this industry. By 2012, the average price of imported steel products was $573.4 per ton. For exported steel products, the average price was $1161.5 per
