china steel prices uncertain
The China Iron & Steel Association said earlier that steel prices were expected to remain volatile for the last two months of the year, amid weakening demand in the winter season and rising iron ore costs. [ID:nTOE6AG03N].
"Steel prices are not likely to drop dramatically as power saving measures also supported prices from tumbling a lot and high iron ore costs will also help prevent big falls," Jiang Zhiwei, an analyst with BOC International Futures added.
China’s two leading steel mills Wuhan Steel <600005.SS> and Angang <000898.SZ> have decided to cut main product prices by up to 240 yuan per tonne, to reflect its concerns facing the slowing demand in the winter season. [ID:nTOE6AH02C]
The State Council, China’s cabinet, has vowed to take forceful measures to stablise consumer prices, including intervening to control prices when necessary after consumer prices sped to a 25-month high of 4.4 percent in October, fuelling expectations of further tightening measures [ID:nBJA002345].
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