Name: China’s steel demand growth to slow as property policy tightens
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Insight 10 September 2019

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<h2>What’s inside this report?</h2>
<p>China’s property sector consumes just under a third of the country’s total steel demand.</p>
<p>We analyse the impact of tighter property sector policy on crude steel production and iron ore demand. Our report includes a detailed account of how the property sector has responded to each round of policy tightening from 2017 onwards – including changes in new starts, property prices and property market fundamentals.</p>
<h2><br />What key questions does this report answer?</h2>
<ul>
<li>How will slower demand growth from the property sector affect steel and iron ore over the next few years?</li>
<li>Property sector steel demand has proved resilient in the face of tighter polices until now. Will it be different this time?</li>
<li>How have property prices responded to tightening policies?</li>
<li>What’s driven the sharp increases in house prices over the past 20 years?</li>
</ul></div>
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                        China’s top policymakers now see the property sector more as a drag to their proposed economic transition and a risk to the economy.
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<p><strong>This report comes with datasets and charts, including this one, which tracks how house prices have responded to policy tightening in China so far. Scroll down to see the full table of contents.</strong></p></div>
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                <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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China’s new round of stricter policy tightening on the property market limits developers’ access to finance. This additional policy tightening will reduce the resilience of property steel demand seen after the last round of policy tightening. Ultimately, we believe the property sector will be hit hard by the new restrictions on financing and this will result in much lower steel demand growth from the sector.</div>
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<li class="list__item-toggle font-semibold">
        Executive summary
    </li>

<li class="list__item-toggle font-semibold">
        Property steel demand has been resilient despite tighter policies
    </li>

<li class="list__item-toggle font-semibold">
        because of more property pre-sales
    </li>

<li class="list__item-toggle font-semibold">
        Property prices have shown even more resilience
    </li>

<li class="list__item-toggle font-semibold">
        leading to another round of stricter policy tightening
    </li>

<li class="list__item-toggle font-semibold">
        Why are policymakers so serious this time?
    </li>

<li class="list__item-toggle font-semibold">
        What impact will this have on steel demand?
    </li>

</ul>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">Resilience of new starts by floor space resulted in increased steel demand</li><li class="list__item push-quarter--bottom">Developers have become increasingly reliant on pre-sales</li><li class="list__item push-quarter--bottom">More property sales as pre-sales</li>
     </ul>
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        <ul class="list list--bullets panel-toggle" id="6a927728f5db468489ba0229ced210d1">
            <li class="list__item push-quarter--bottom">Housing prices showed even more resilience to the previous policy tightening</li><li class="list__item push-quarter--bottom">Nearly 40% of new loans are used in the property sector</li><li class="list__item push-quarter--bottom">Households’ liability has increased sharply, potentially squeezing their consumption</li><li class="list__item push-quarter--bottom">Property steel demand will slow in 2019/20 and will enter negative growth territory</li>
        </ul>
        
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