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| TITLE |
China steel prices drop lasts for 15 days on inventory pile up |
| WRITER |
administrator |
DATE |
2010-01-29 08:32:30 |
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China steel prices drop lasts for 15 days on inventory pile up
28 Jan 2010
Steel prices in China, after an upward journey since October 2009 beginning, dropped in last week 2 weeks as inventories piled up and concerns grew that the government may curb lending.
Mr Ma Haitian an analyst with Beijing Antaike Information Development Co said inventories of steel products, including holdings by traders, producers and end users are estimated to exceed 50 million tonnes setting a record. That’s compared with an estimated 18 million tonnes a year ago.
He said that “Some may trim their inventories at discounted prices to collect money before the Chinese New Year holiday in February. Speculation of interest rate hikes and other tightening measures also added to concerns about capital availability in the market.”
China growth rate in the Q4 accelerated at the fastest pace since 2007, as the nation USD 586 billion stimulus spending and record lending stoked car and property sales. That’s raised concerns the government may increase interest rates or take other measures to curb inflation and limit asset bubbles.
Resourced from www.steelprices-india.com and Bloomberg |
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