The deputy head of the main steel mill's group in China (CISA), Zhu Jimin, said this Wednesday that demand is collapsing along with prices, banks are tightening lending and losses are stacking up.
"Production cuts are slower than the contraction in demand, therefore oversupply is worsening," said Zhu at a briefing by the China Iron & Steel Association (CISA).
"China's steel demand evaporated at unprecedented speed as the nation's economic growth slowed," Zhu said. "As demand quickly contracted, steel mills are lowering prices in competition to get contracts."
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