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PrintChina Iron & Steel Association in a recent report noted that leading domestic mills like Baosteel and Shagang are mulling output cutback in light of the across the board steel price fall and decreasing enquiries.
Domestic steel market has undergone an extreme curve so far this year, with steel prices mounting up explosively in the first half and then, turning around and diving in the second, which is rarely seen in recent past years.
The report said price for major steel products is now staying at a normal level, with price for construction steel continuing falling and that for flat products dropping sharply. Offers from traders in Beijing have witnessed consecutive slides, with price decline amounting to CNY 320 per tonne to CNY 350 per tonne.
Falling trend for steel production has been formed after rounds of steel price plunges. And pig iron output in August has fallen 1.5% YoY, the first decline in many years. Likewise in late September major steel mills in China gathered in Hebei and agreed to cut output by 20%.
According to CISA, the sharp price fall is resulted from the global economic slowdown, export check, steel mills' piling up stocks and traders' panic mood that has been intensified by mills' ex-works price cut.
(Source: Beijing Times)
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