Chinese GDP Growth and Steel Production
China's GDP grew 7% year-on-year in the 1q15, down from 7.3% in the 4q14 and the lowest growth rate in percentage terms since the 1q09, according to National Bureau of Statistics data. The 1q15 economic data from China also featured the slowest growth in fixed asset investment since 2000, Reuters reports Chinese crude steel output rose to a ten-month high of 69.5 Mt in March, although it was still down 1.2% year-on-year, according to official data. The picture for the 1q15 was similar with total production down 1.7% on the 1q14 at 200.1 Mt. According to the latest World Steel Dynamics SteelBenchmarker, the Chinese domestic price for hot rolled band (HRB) was down $22/t from late March to $330/t on 13 April, while the world export price for HRB was down $10/t, to $432/t, over the same period.