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| TITLE |
ArcelorMittal sees China steel drop as temporary |
| WRITER |
administrator |
DATE |
2009-09-19 09:19:12 |
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ArcelorMittal sees China steel drop as temporary
18 Sep 2009
Reuter quoted ArcelorMittal as saying that the recent drop in Chinese steel prices would prove temporary as the real economy in the world's top steel consumer remained strong.
Mr LN Mittal chairman and chief executive of ArcelorMittal said "The inventory build up caused some price drop which is bad news.”
He said that “We have to understand that China's cost of production is high and still we have to see how it balances out whether the cost of production will push them to increase their price. But we think it should be temporary.”
In China, physical steel prices have tumbled around 10% after hitting a 10 month high in August when the output from the world top producer and consumer of the metal jumped to a new peak of 52.3 million tonnes.
Resource from Reuters |
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