Qi Xiangdong, executive deputy secretary general of China Iron and Steel Association (CISA), pointed out on December 7 that, with the enactment of the 10 policies to boost the domestic demand by the central government, China's iron and steel industry is expected to be the first to recover in 2009.
Qi said the current iron price in China has dropped to the 1994 level. According to statistics for the iron and steel industry released by CISA, 71 large and medium-sized iron and steel companies that were surveyed reported a total loss of 5.835 billion yuan in October. This was the first time that the iron and steel industry in China reported a monthly loss over the last six consecutive years.
However, he believed that the industry that would directly benefit the most from the policies to boost the domestic demand would be the iron and steel industry.
Moreover, China abolished the export duties for 67 tariff items of steel material on December 1 and this marked a major adjustment in China's policies on steel material exports, which would facilitate the increase of international competitiveness regarding China's steel materials.
By People's DAily Online
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