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Steel industry has net loss in first four months

(CMIC)
Updated: 2009-06-15 17:22

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From January to April, China’s 72 medium and large steelmakers had a net loss of 5.18 billion yuan, with nearly 40 percent of the producers losing money. Steel prices have been rising for consecutive five weeks since mid April, accompanied by a surge of iron ore imports into China in April, totaling 57 million tons. But experts remained cautious about the industry fundamentals. The Ministry of Industry and Information and Technology (MIIT) said in a report that the steel market is heading for an oversupply in general. The price of rebar is rising thanks to infrastructure projects, while high-end flat products for auto and home appliance uses are clearly oversupplied. The ministry added the huge iron ore stocks, estimated at more than 100 million tons, could hardly be digested in short term as major mills are on course to slash output and there are little signs of an essential change in demand

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The full text is available in the June Issue ofChina Steel. Please visitpublications for more subscription details.