Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (25039)	3/7/2005 1:19:44 AM
From: RealMuLan	Read Replies (1) of 116555

Steel price set to fall (from this summer) as demand in China slows By Peter Marsh in Lugano Published: March 6 2005 21:50 \| Last updated: March 6 2005 21:50 World steel prices are poised to fall from this summer in their first sustained drop for more than three years, according to Bruno Bolfo, chairman and owner of Duferco, the world's largest independent steel trader. Mr Bolfo's views carry weight in the global steel sector because of his broad view of demand and supply patterns. If he is correct the sector may suffer loss in revenues after a spectacular increase in profits over the past two years. news.ft.com From Mr. Bolfo: China imported 35 million tons of steel in 2004, and due to the slowdown this year, China might become a net exporter of 5 million tons of steel. That means the international steel makers would have to find other market for those 40 million tons of steel. On top of this, the steel producers outside China would produce 60 million tons of more steel than in 2004. This would further increase the possibility of the oversupply of the steel.

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