Sichuan rebuilding effort will need 37 million tonnes of steel

Aug 20, 2008 | 12:23 PM |

China's earthquake-hit Sichuan province will need 37 million tonnes of steel for reconstruction efforts in the next three years, according to local provincial officials.

The extra demand could bolster China's steel market, although it might do little to boost falling domestic steel prices this year, market participants said.

"The amount is higher than what we estimated earlier, but it may not boost weakening local demand in the near term, especially as the property sector is slowing down," said one Shanghai-based analyst.....

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