Steel mill profitability figures are still deeply negative in China, although generic
steel margins have improved through November as falls
in iron ore outpace weak steel prices, according to TSI.
Steel mills are reacting slowly
to previous price falls and in the first 10 days of November crude steel
output fell 2.8% on the previous 10-day period, although more cuts
seem likely as finished inventories still rose 1.5%.
The steel industry in
China remains in a precarious financial position, although pressure to
accelerate closures is surely building.
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