China's ship plate market slows in weak economy

In 2008, the global economic crisis seriously hit China's ship building industry and greatly affected the ship plate market. China has an overstock of ship plate but the global crisis led to dropping demand. At the same time, S.Korea's ship building industry was hit by the financial crisis and lost lot of ship building contracts. This led to reduced demand for ship plate from China.
In addition, China has many small shipyards which were forced to shut down due to the economic crisis, which kept ship plate demand down. As a result, China's ship plate market is down sharply.