It is reported that Shanghai based Baoshan Iron and Steel Co Ltd hold a meeting about Q3 earnings report.

Mr Ma Guoqiang GM of the company pointed out that the oversupply is becoming more and more serious in China steel market, with an eased uptrend in down stream consumption. Social steel inventory maintains at a high track, sending mills to lower the ex works prices. And steel export is still hard to recover impacted by the financial crisis and trade protectionism.

He said that the company may face a lot of unfavorable elements in the Q4 this year especially in the sectors of steel pipe and medium plate products. As predicted, the full year output of pig iron may hit at 21.41 million tonnes and that of crude steel and billet products likely to record at 23.7 million tonnes and 22.26 million tonnes.

Mr Ma said Baosteel will fully exert its own advantages through holding the market opportunity of national demand-driven policy with a bid to lower production costs in the future.

(Sourced from www.p5w.net)