More gloom ahead for China’s steel market, Cisa says

The China Iron & Steel Assn (Cisa) expects Chinese steel prices to drop even further over the rest of July on the back of oversupply pressures, seasonally weak demand and the slowdown in the Chinese economy.

“The country’s economy is still under downward pressure, and the weak demand and tight liquidity in the domestic steel market is unlikely to change in the near term,” a forecast published by the industry body on its website on Wednesday July 8 read.

China’s steel purchasing managers’ index hit a six-and-a-half-year low in June, at 37.4 points, compared with 42.4...


Della Fu

July 08, 2015

11:41 GMT