Prices Cut As Japan's Quake Hits Demand
By Fu Chenghao |
May 4, 2011, Wednesday
|
Print Edition
Print Edition
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
