World Economy

China Housing Market Slows

China Housing Market SlowsChina Housing Market Slows

Pacific Investment Management Co. sees little growth potential for steel demand in China as the housing market slows, hurting the outlook for the global industry and iron ore prices. Goldman Sachs Group Inc. said output will drop, Bloomberg reported. “The years of huge growth in China’s housing development market are over, spelling tough times over the long-term horizon for global steel-making,” Raja Mukherji, head of Asian credit research, and analyst Emily Au-Yeung wrote in an e-mailed report received on Friday. At best, steel demand in the country may expand in the low single digits this year, they wrote. China grew at the weakest pace since 1990 last year and is set to slow further in 2015.