Wednesday, May 04,
Baoshan Iron & Steel Co. Ltd.,China’s second-largest steelmaker, said Tuesday that Chinese automotive suppliers have been hit by a supply shock after the Japanese earthquake, and it is still studying the effects of the disaster on the market.*
The earthquake and tsunami of March 11 has affected supplies to local auto makers to the extent that some of these manufacturers had to downgrade April and May output plans, Baoshan president Ma Guoqiang said during an online earnings briefing.
The downward output adjustment in the auto industry forced Baoshan to lower its May steel prices, Ma said.
The company exported 596,200 metric tons of steel products in the first three months ended March 31, accounting for 25.4% of the planned total for the year, he said.
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