Chinese Steel Demand Grows

China’s steel producers benefitted from increased demand by shipbuilders in July. New shipbuilding orders were equivalent to 9.54 metric deadweight tons, up 128 percent from June’s 4.18 metric dwt, according to the Ministry of Industry and Information Technology.

This year’s new orders received through July totaled 33.32 metric deadweight tons, a more than four-fold increase over the same period last year.

July’s month-on-month growth of new orders also meant China’s shipbuilding order backlog has reached the level its yards enjoyed at the end of 2009. The backlog as of July 31 was 188.16 metric dwt, up 2 percent from June, according to Steel Business Briefing.

The tonnage of new vessels completed by Chinese yards during the first six months of this year reached 35.2 metric dwt, up 87 percent year over year.