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| Industry News |
| CISA: Steel Price to Remain Low if Capacity does not Fall |
| 2009-09-09 10:41:02 |
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| After 17 weeks of continuous rise, domestic steel prices started to plunge last week. It is estimated that as of August 19, prices of mainstream domestic steel varieties have dropped RMB550-950/t, and steel product prices have declined about 20%. Shan Shanghua, Secretary-General of China Iron & Steel Association (CISA), said with concern during an interview yesterday, “The decline of steel prices resulted from overcapacity. If this situation remains in the second half of this year, the steel prices will keep falling. ”
However, some market insiders believe that the price decline of steel products is “normal” since steel prices rose sharply earlier this year. Besides, July and August are off-season for the steel industry. The steel prices are expected to climb back in September. The performance of iron and steel enterprises in the second half may surpass the first half. Demands for steel products will gradually increase driven by the real estate industry. |
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