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In the article, it's noted that despite a slight rebound in steel prices since late September 2012, driven by government measures aimed at "steady growth," the overall demand for steel remained weak. This was partly due to increased infrastructure investments, such as urban rail and highway projects, which led to a rise in fixed-asset investment in the fourth quarter. However, this did not significantly alter the fundamental imbalance between steel production capacity and actual demand.
The National Development and Reform Commission approved more than 25 new urban rail transit projects and 13 highway projects in the second half of the previous year. The number of railway projects launched rose from 9 to 22, with the total railway investment increasing from 516 billion yuan to 630 billion yuan. While this signaled a positive shift in investment, the broader steel market still faced challenges, particularly in sectors like real estate, shipbuilding, and machinery, where demand remained sluggish.
Moreover, the steel industry continued to struggle with high costs, as fuel prices did not drop significantly, putting pressure on profit margins. Even after a small price rebound in late September, iron ore prices also surged, adding to the financial burden on steel companies. As a result, many large and medium-sized steel enterprises remained in a loss-making position, despite efforts to improve efficiency and reduce costs.
Industry experts believe that in 2013, China’s steel sector would continue to face structural challenges. Although economic growth was expected to stabilize, the industry would need to focus on reducing excess capacity and improving product quality rather than simply expanding output. The outlook for steel prices remained uncertain, with only minor fluctuations expected amid ongoing supply-demand imbalances.
To adapt, the steel industry must transition from a scale-driven model to one focused on innovation, quality, and customer service. This shift is crucial for long-term sustainability and competitiveness in an increasingly complex market. Overall, while some improvements were anticipated, the path to recovery remained challenging and required sustained effort across the entire sector.