News and Events

Business Spectator reported that China 's fourth largest steelmaker has flagged a dramatic fall in iron ore prices during the H2 of 2013 as steel demand weakens in China .

Mr Zhang Xiaogang chairman of Ansteel is expecting the average iron ore price for the year to be within the range of USD 110 per tonne to USD 120 per tonne suggesting the recent decline in price was likely to continue.

Mr Zhang said that the Chinese steel industry could take anywhere between five and seven years to fully return to profitability after reporting significant losses during the year.

He said that "We have to prepare for a long term struggle. Some people will collapse during this war of attrition, if their cash flow dries up or if they can’t make any money at all.”

Source – Business Spectator.com