25 April 2019 - 19:16— The top steel mill in China has issued a one-two warning about the outlook, saying it sees the twin risks of slowing demand and rising output in the country that accounts for half of global production. The shares sank.
The mainland steel market sets the tone for conditions in the industry worldwide, with trends in demand, supply, pricing and exports carrying implications for mills around the globe. The downbeat outlook from Baosteel contrasts with a run of positive signals from Asia’s biggest economy as first-quarter growth topped expectations, steel prices rebounded and mills’ profitability improved.
Baosteel shares ended 4.4% lower in Shanghai on Thursday, putting them on track for the biggest weekly drop since mid-2018. Over the past year, the stock is 22% lower, although it remains higher year-to-date.
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Global steel market put on notice as Chinese group warns of twin risksBaoshan Iron & Steel says contraction in industries including property and vehicles will slow consumption in 2019
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