CHINA’S steel industry has warned that iron ore prices will remain under pressure over the year ahead as the nation’s steel mills battle with over-capacity and weak demand.
“The iron ore price will remain on the downward track while the coal price may stabilise or rebound slightly,” said Yang Zunqing, deputy secretary of the China Iron and Steel Association.
Mr Yang told an OECD workshop in South Africa that despite the dive in the costs of raw materials, the Chinese steel industry was still struggling to break even, with the major mills suffering a fall in sales revenue in the first nine months. Prices received by the Chinese steel industry are the lowest since January 2003.
Source: The Austalia
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