--FILE--Chinese workers survey the production of steel next to a furnace containing molten steel at a steel plant in Huaian city, east China's Jiangsu
Contributor:Imaginechina Limited / Alamy Stock Photo
File size:39.5 MB (1.1 MB Compressed download)
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Dimensions:4542 x 3042 px | 38.5 x 25.8 cm | 15.1 x 10.1 inches | 300dpi
Date taken:29 July 2013
--FILE--Chinese workers survey the production of steel next to a furnace containing molten steel at a steel plant in Huaian city, east China's Jiangsu province, 29 July 2013. The steel industry is expecting more new orders and higher prices this month, according to a poll by information company Platts. The steel sentiment index for August rose more than 28 points from July to 55.1, breaking the 50 mark for the first time since May, the company said. The survey reflects the expectations of about 75 players in China's steel market, including traders, stockists and mill operators. Readings above 50 points indicate an optimistic outlook. "The order to stop building work in Beijing from August 20 to ensure clean air for the Victory Day parade on September 3 has sparked a bout of steel restocking from users, " said steel analyst Paul Bartholomew. "Larger mills have also tried to stop spot prices falling by raising their floor prices, " he said. The consensus is that steel prices will rise significantly in August, albeit from a low base in July, he said. A sub-index for new domestic steel orders rose by 26.4 points to 56.9 in August, while the gauge for export order expectations improved slightly to 34.6 and the crude steel production index dropped 15 points to 35.