Prices Cut As Japan's Quake Hits Demand
BAOSHAN Iron and Steel Co, China's biggest listed steel maker, said Japan's earthquake has affected steel demand from auto makers and forced it to cut prices.
Some auto clients in China have cut production targets in April and May because the quake has disrupted supplies, General Manager Ma Guoqiang said yesterday.
The steel mill, which supplies half of China's market for auto steel, said last month that it would cut prices of main products for May, the first reduction in nine months. May is typically a strong month.
Baoshan Steel has reported first-quarter net profit fell 22 percent year on year to 3.07 billion yuan (US$473 million) on higher costs for iron ore and coking coal and weaker demand.
Goldman Sachs said the mill's second-quarter earnings will be weak given a 25 percent quarterly gain in iron ore contract prices, a slowdown in downstream demand and higher steel production.
Some auto clients in China have cut production targets in April and May because the quake has disrupted supplies, General Manager Ma Guoqiang said yesterday.
The steel mill, which supplies half of China's market for auto steel, said last month that it would cut prices of main products for May, the first reduction in nine months. May is typically a strong month.
Baoshan Steel has reported first-quarter net profit fell 22 percent year on year to 3.07 billion yuan (US$473 million) on higher costs for iron ore and coking coal and weaker demand.
Goldman Sachs said the mill's second-quarter earnings will be weak given a 25 percent quarterly gain in iron ore contract prices, a slowdown in downstream demand and higher steel production.
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