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Bleak outlook at steel prices hit 2-year low
By Richard Fu |
July 23, 2012, Monday
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Online Edition
Online Edition
CHINA'S steel market is set to keep struggling after prices for major products fell to the lowest level in two years, the steel industry group said today.
The downstream industries haven't bottomed out yet, the China Iron and Steel Association said. Major steel companies including Baoshan Iron & Steel Co have slashed August prices in mid-July, adding pressure on spot market and pulling market prices for major products to the lowest level in two years, it said.
China's economy grew 7.6 percent in the second quarter, the least in three years. Other indicators such as industrial output also slowed.
The group also ruled out a large-scale stimulus program from the government, though liquidity appeared to have improved.
"(We) project that the domestic steel market will keep dipping as the fundamentals are hard to change," it said.
The downstream industries haven't bottomed out yet, the China Iron and Steel Association said. Major steel companies including Baoshan Iron & Steel Co have slashed August prices in mid-July, adding pressure on spot market and pulling market prices for major products to the lowest level in two years, it said.
China's economy grew 7.6 percent in the second quarter, the least in three years. Other indicators such as industrial output also slowed.
The group also ruled out a large-scale stimulus program from the government, though liquidity appeared to have improved.
"(We) project that the domestic steel market will keep dipping as the fundamentals are hard to change," it said.
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