China projects specialty steel production and demand for 2003

China Projects Specialty Steel Production and Demand for 2003 The Peoples Republic of China is forecasting overall production of specialty steel, including types of steel dedicated to bearing races and bearing rolling elements, will be up at least 10% in 2003. The increases come despite a continuing global economic malaise and disruptions in China's economy caused by the SARS virus. Specifically, quality steel production should hit 18 million tons, 12 million tons of specialty steel and 9 million tons of alloy steel. Domestic demand for the type of wire rod used in producing bearing balls and rollers is forecast to reach at least 100,000 tons. That projection is up more than 36% from 2002's recently-reported production of 73,449 tons. In comparison, 2002 was up only 8.8% from 2001.