Fri, 06/26/2009 - 13:23
Surging output in China to support steel product price rise - senior MOFCOM economist
by Ginger Ding
Chen Kexin, senior economist with the Ministry of Commerce's production material monitoring department, spoke to Interfax about China's increasing steel product output and the impact it will have on domestic prices towards the end of 2009 and the following two years.
Especially under the current economic climate where the majority of Chinese steel mills are still incurring losses, steel product prices are being driven by the production cost line rather than demand and supply fundamentals.
- Chen Kexin, senior economist with the Ministry of Commerce's production material monitoring department
Shanghai. June 26. INTERFAX-CHINA - China's daily steel product output, measured by crude steel, reached an average of 1.5 million tons in May, the highest level so far in 2009, and based on normal demand and supply fundamentals, steel product prices should be on the verge of tumbling.
