Monday, November 01,
China Baoshan Iron & Steel, the country’s biggest listed steelmaker, expects iron ore prices to stay high next year, a company executive said.
China’s massive domestic steel sector is expected to face still high costs of raw materials, including iron ore, the major steelmaking ingredient, next year, Ma Guoqiang, the company’s general manager, told an online conference on Monday.
The China Iron & Steel Association said last week that Chinese steel mills had started talks for next year’s iron ore prices.
“Iron ore prices and pricing will be decided by supply and demand, and there is no problem for iron ore reserve and supply in the long run,” Ma said.
Steel demand would remain steady next year, he said. Baosteel on Friday gave a cloudy outlook for the fourth quarter, reflecting its concerns about high iron ore costs and steady steel prices.
Source: Reuters
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