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CHINA STEEL'S IN SOUTH AFRICA OPPORTUNITY

CHINA STEEL'S IN SOUTH AFRICA OPPORTUNITY
Issue Time:2018-09-17

As early as four years ago, according to the statistics ofthe South African National Industrial Development Corporation (IDC), SouthAfrica's steel production at that time could meet domestic consumption, but by2020, even the most conservative forecast, consumption will reach 10 milliontons. Exceeded the crude steel output at that time.


Four years later, the predictions of the South AfricanNational Industrial Development Corporation (IDC) have become a reality aheadof schedule, with South Africa's annual steel demand reaching 10 million tons.Chinaand Africa began an era of deep cooperation.


South Africa is the first major force in the economicdevelopment of Africa. The economy and industrial base are good, and the “steeldemand” is strong. It is understood that South Africa has experienced strongeconomic growth in recent years, especially in the mining, construction andcommunications industries. According to relevant statistics, as of 2016, SouthAfrica's per capita steel consumption was only 97.1 kg, far below the worldaverage. Although according to the World Steel Industry Association data, SouthAfrica's steel demand is affected by the economy in 2017, South Africa's totalsteel consumption is still low, which also means a broad space.


Among the downstream demand industries of steel in SouthAfrica, the demand for steel is larger in the manufacturing industries ofautomobiles, home appliances and electric wires, accounting for 54.8%. Theautomobile industry accounts for 6.4% of South Africa's total GDP and 11.8% oftotal exports.


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