The,impact,APEC,for,China,stee business, insurance The impact of APEC for China's steel industry
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According to the "Wall Street Journal" reported, a substantial increase in iron ore production this year gave a heavy blow to the price, and now there is an unexpected problem affecting the market: China's hospitality. To promote Beijing hosting the Asia-Pacific Economic Cooperation Organization, and to achieve the blue sky during the meeting, China has taken a series of actions to bring a heavy hit to the latest iron ore market. This reminds that the world's second-largest economy will continue to see what impact the global commodity markets, even at an unexpected way. Because of Australia's major mining companies record production, iron ore prices sharply lower this year. And for the concerned APEC meeting, steel companies and factories are all to be suspended production, in order to clean up pollution in the Chinese capital Beijing. Citigroup analysts IvanSzpakowski said that the past week China's steel production has been slashed. He also said that since most of the construction activity is suspended, steel demand in northern provinces have been seriously affected. Official Xinhua News Agency reported last month, Chinese authorities in Beijing and surrounding plans to reduce emissions by 40% during the summit. Although the Chinese government has not released official figures on limited capacity to make the potential impact on industrial production, but ANZ Bank estimates that the total annual impact of these limited production capacity of approximately 100 million tons of steel. This means that steel production decreased by about 4 million tons, compared to China's annual production of 800 million tons which is tantamount to drop in the ocean, but it has enough to stir the market's confidence. At present, Chinese demand for iron ore has declined, which causes much troubles for the traditional market of welded steel pipe, seamless steel pipe and so on.
The,impact,APEC,for,China,stee