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Chinese demand for steel weighs on global industry

AFP, Paris
Industries worldwide that need steel are alarmed by a sudden shortage sparked by surging Chinese demand for all kinds of the increasingly precious metal and raw materials used to produced it.
The global steel market is "in a crazy situation", said Guy Dolle, president of the European company Arcelor.
"There is not enough steel available to satisfy demand," the head of the world's biggest steel group added.
Prices are soaring and industries like auto manufacturing, construc-
tion, engineering and shipbuilding have begun to warn of the consequences while lobbying for bans on exports of scrap steel.
steel costs 30 per cent more on average since early January, and European groups such as Arcelor expect prices to increase further in the third quarter.
The shortage was "causing havoc for Us manufacturers," the Consuming Industries Trade Action Coalition (CITAC) said in early March.
"Us manufacturers are facing major steel supply disruptions and shortages that could contribute to plant closures and job losses in a matter of weeks or months," CITAC
said in a statement.
Neil de Koker, president of the original Equipment suppliers Association that represents auto suppliers, said: This is a very fragile situation that may affect delivery and possibly shut down plants.
French engineering firms are "caught in a vise" between steel producers who justify price rises by similar hikes in the cost of coke -- the residue obtained after coal is distilled -- as well as electricity and freight and in the face of clients who refuse to pay more for finished products, an industry federation said.
The French builders federation slammed surging prices, which it
warns could paralyze construction sites.
"Everything is going to China and there is nothing left to feed the furnaces to keep production flowing," the federation stressed.
China's impressive economic expansion has placed a great strain on global supplies.
In 2003, it absorbed more than 25 percent of all steel production and its own production increased by 32 percent in the first two months of 2004 from the same period a year earlier, figures provided by the Organisation for Economic Cooperation and Development (OECD) show.