Apr
29
China’s steel product inventory by the end of April is expected to fall 9 percent compared with the previous month, the country’s steel association said on Wednesday.
Speaking at a briefing, China Iron and Steel Association vice-chairman Luo Bingsheng told reporters that steel product stocks in 20 major cities were expected to drop to 9.77 million tonnes by the end of the month.
But Luo said the cost pressures on steel mills were likely to mount in the second quarter as the impact of soaring iron ore costs starts to be felt.
He said in the first quarter, the mills were mostly using cheaper ores shipped into China in 2009.