Plunging demand for steel in China has pushed prices in some markets as low as the cost of cabbage, as worries mount that annual steel consumption may shrink for the first time in 19 years.
Some grades of rebar, a steel product used in construction, fell to Rmb2,600 ($419) a tonne in northern Chinese markets this week, according to prices on industry website Steelhome – equivalent to the retail price of cabbage.
Chinese steel consumption has been bolstered for years by the boom in demand for the refrigerators, supermarkets, train wagons and greenhouses that now allow Beijingers to enjoy green vegetables all winter long. But that demand is falling sharply as China’s economic growth peaks.
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