15 October 2010 07:32 [Source: ICIS news]
By Nurluqman Suratman
Bitumen, also known as asphalt, is used in road construction and paving, as well as in water proofing of homes and industrial buildings.
Sustained rapid development, bolstered by the Chinese government's loose fiscal policies, had boosted the domestic bitumen market since 2003, Wang added.
“We are going to see the peak of highway construction extended so there would still be demand for bitumen in the next few years,” he said.
The rest of the material was produced by independent refiners, while some 2.02m tonnes of bitumen were imported from around the region, with
Current state-backed highway projects are rushing towards completion by the end of this year so as not to disrupt the government’s next five year plan (2011-2015), and this would also boost demand, Wang said.
On Friday China's top leadership - the 300 members of the Communist Party's Central Committee - kicked off a four-day plenary in Beijing to discuss the new five-year economic development plan, media reports said.
Demand for bitumen would also be boosted hugely by the government’s current efforts to provide road access to all villages in the country, Wang said.
Meanwhile, Chinese senior government official Hu Fangjin had a more conservative view on the growth of bitumen consumption in
“Demand for bitumen could break the 18m tonnes mark during this period,” he said.
Hu is the executive deputy director of the
The country would have added an annual average of 7,000 km of highways during the 11th five year plan which ends this year, with total mileage expected at 110,000 kilometres at the end of 2015, Hu added.
Wang of Jiangyin Tiannuo said he expected bitumen demand to slow down once the peak of highway construction was reached in the next two to three years.
“There is still an amount of risk going ahead as it is not clear if the central government would roll out new stimulus packages,” he said, adding that
“The financial crisis has forced
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