China Steel Demand Soars On Skyscraper Construction

“You wouldn’t believe the amount of construction going on over there,” said our colleaugue upon his return from China. He’s the director of our still yet-to-be titled documentary and had travelled to the Far East to gather some fodder for the film.

Last year, Chinese steelmakers had the fastest growth rate among all Asian steel producers – producing nearly 20% more steel than the year before.

“Everywhere you looked, there were construction cranes – they literally crowded every block,” continued Pat.

What are they building? Skyscrapers. Our own Christopher Hancock has been closely watching the Chinese market for most of the decade, and believes that the Chinese construction boom is nowhere near over. By 2011, Christopher asserts, China will add another 1,000 skyscrapers to the skyline in Shanghai – and will double its demand for steel by 2031.

Think about it this way: 60,000 tons of steel was used to build the Empire State Building – imagine how much these new, bigger skyscrapers will use.

In fact, seven out of the world’s ten tallest skyscrapers have appeared in Asia…and they are still building like crazy…and demanding massive amounts of steel to make it happen.

The Asian love affair with skyscrapers – and steel – is about to really begin, which means enormous profits for the entire steel industry.

Bill Bonner
for Markets and Money

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

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