China's steel demand expected to recover soon as floods recede: sources
SPGobal - China's heavy rains and floods -- which brought the local construction activities to a standstill since June -- are likely to wind down from July 20, according to the country's National Meteorological Center, boosting hopes of a quick recovery in steel demand.
Nearly 23 Chinese provinces and Chongqing municipality have been hit hard by heavy rains and floods in the last few weeks. The regions along Yangtze river were severely impacted, with accumulative rainfall over June-July hitting a record high since 1961.
However, due to improved water conservancy facilities, the number of collapsed houses and direct economic losses caused by floods over the period decreased 78% and 6% from the average level over the past five years.