SG IRON ORE WEEK 2016: Worst time 'has passed' for steel, iron ore

Delegates to the Singapore Iron Ore Week 2016 conference seemed to be in a better mood than they were a year earlier, in the belief that the market trough for the industry has now passed.


China’s economy has bottomed out, Liu Zhenjiang, secretary general of the China Iron & Steel Assn (Cisa), said in his keynote speech to the Singapore Iron Ore Forum, the anchor event of the week, on Thursday May 19.
Steel mills’ current margins may not be sustained, but it is less likely that the whole industry will dip again into a loss-making situation, Baosteel deputy md Zhang Dianbo said in a panel discussion.
Steel prices may fall back in the second quarter of this year, but they would not fall as far as the lows seen in the fourth quarter of 2015, he added.

Ian Roper, a commodities strategist with Macquarie Bank, echoed this point at another panel discussion, saying that the fourth quarter was the worst yet experienced...

Published

July Zhang

May 20, 2016

13:03 GMT

Singapore