August 22, 2008

CISA predicts fall in steel prices in China in late 2008

According to China Iron and Steel Association steel prices in China, prices of steel may fall this year as government measures to rein in lending may slow domestic demand. CISA in a statement that steel prices which have risen 15% in 2008 would have limited room for future increases and may even fall by a small margin.

Mr Qi Xiangdong vice chairman of CISA said that “Steel companies may record roughly the same level of profit this year as last year or slightly higher. The uncertain factor is how the steel price will fluctuate.''