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Automobile industry recovers in China, making steel demands grow
Issued at 2022-07-11
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According to the forecast from the China Association of Automobile Manufacturers (CAAM), automobile sales were expected to reach 2.45 million vehicles in June, increasing by 34.4% month on month and increasing by 20.9% year on year.
In the first six months of 2022, the sales were expected to reach 12 million vehicles, decreasing by 7.1% year on year.
Because of the Covid-19 epidemic easing and China's stimulated policies in June, vehicle sales were expected to increase greatly.
In the next several years, China's automobile industry is expected to keep growing, and it will also make demands for steel grow. In addition, renewable energy cars are more and more popular, and they will contribute to the growth of steel demands.
Source: yieh.com
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