20th
Some thoughts on China:
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Chinese growth slowed from 13% in 2007 to 8.7% in 2009. 2010 is forecast to grow 10.1% and 9.25% in 2011.
Between 1998-2008 Chinese bank credit grew 6-16% pa. 2009 growth was 32%. Forecast for 2010 USD 1,102 billion (up 19% on 2009)
In the first 5 months of 2010, over a million more cars were sold in China than the US, however, steel production has slowed in the last 2 months as construction and car demand is slowing.
Chinese govt removal of tax rebates on lower end steel products (hot rolled coil, h-sections, long products) may have impact from July, but, Chinese tax rebate on high end Cold Rolled Coil to be retained.
Chinese attempts to cool the housing market have hit housebuilders, hence metals imports down. But, expect restocking later this year as an increase in affordable housing construction comes in later in 2010
