Limited knock on steel trading
By Richard Fu |
March 17, 2011, Thursday
|
Print Edition
Print Edition
JAPAN'S devastating earthquake will have only limited impact on steel trading between China and Japan, but will lead to a cut in iron ore prices, a Baosteel executive said yesterday.
"Only several mills in northeast (Japan) have been affected, and the impact on overall production is not that big," said Ma Guoqiang, general manager of Baoshan Iron and Steel Co, adding that the media may have overstated the impact.
As steel trading between the two countries are small, the impact won't be significant, he said.
BOC International analyst Le Yukun said in a note that much of Japan's output is high-end steel whereas Chinese steel only plays a limited role in the trade between the two nations.
On Tuesday, Baosteel and rival Wuhan Iron and Steel Co said they will keep April prices for most products unchanged in response to falling spot prices. Both, however, raised the prices for oriented silicon steel - a specialty product used in transformers and other power equipment - partly because of disrupted supplies from Japanese mills.
Still, Le said demand for Chinese steel when Japan starts its post-quake reconstruction efforts would boost exports.
Ma said the disrupted production at Japanese mills will affect the price of iron ore, the steel making ingredient of which China is the top buyer. The disaster could shrink iron ore demand by around 22.2 million tons from Japanese mills such as Nippon Steel, Le said.
"Only several mills in northeast (Japan) have been affected, and the impact on overall production is not that big," said Ma Guoqiang, general manager of Baoshan Iron and Steel Co, adding that the media may have overstated the impact.
As steel trading between the two countries are small, the impact won't be significant, he said.
BOC International analyst Le Yukun said in a note that much of Japan's output is high-end steel whereas Chinese steel only plays a limited role in the trade between the two nations.
On Tuesday, Baosteel and rival Wuhan Iron and Steel Co said they will keep April prices for most products unchanged in response to falling spot prices. Both, however, raised the prices for oriented silicon steel - a specialty product used in transformers and other power equipment - partly because of disrupted supplies from Japanese mills.
Still, Le said demand for Chinese steel when Japan starts its post-quake reconstruction efforts would boost exports.
Ma said the disrupted production at Japanese mills will affect the price of iron ore, the steel making ingredient of which China is the top buyer. The disaster could shrink iron ore demand by around 22.2 million tons from Japanese mills such as Nippon Steel, Le said.
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