The hottest increase in China's steel production c
2022-10-18- Detail
Introduction: Nippon Steel of Japan and Baosteel of China, which are the second and third largest steel manufacturers in the world respectively, have recently warned of the pressure on prices caused by the increase of China's steel production capacity. Affected by the increase in auto sales and strong import demand in China, Nippon Steel Corporation of Japan reduced its full year profit as of March
Nippon Steel of Japan and Baosteel of China, the world's second and third largest steel manufacturers, respectively, recently warned of the pressure on prices caused by the increase in China's steel production capacity
affected by the increase in automobile sales and the strong import demand in China, Nippon Steel Corporation of Japan raised its annual profit forecast for the year ended March from 13.5 billion yen to 20 billion yen. However, under the influence of China's nearly $600billion stimulus plan, China's steel production has gradually increased and inventories have increased, which makes Nippon Steel Company anxious. Shinichi Taniguchi, vice president of Nippon Steel, said, "the actual uncertainty increased in October because Chinese inventories increased and began to affect prices in South Korea." "Korean steel mills are also increasing production capacity, and we will closely monitor the supply and demand situation in Japan, China and South Korea."
Baosteel also expressed concern about China's expansion of steel production. The company said in a statement: "the domestic steel market is facing a serious structural surplus, and the downstream demand growth is still very slow." "The force and capacity required for the new slitting are adding pressure to the market, and there are still a lot of steel inventories. Steel mills have been" step by step in the cooperation between NASA and the industrial sector to reduce freight rates. "
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