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The Fourth SteelHome and WSD Conference Opened in Shanghai
SendTime:2009-10-13   Hits:5917

The Fourth SteelHome and WSD Conference Opened in Shanghai

On October 9, 2009, the fourth “ China in Eyes of the World” held by SteelHome website and World Steel Dynamics (WSD) opened in Mingcheng Hotel, Shanghai . Nanhua Futures, Steelyuan, Shanghai Guanghe Trading, Shanghai Huisheng, Shanghai Xiaxiang contributed to the conference.
Peter F. Marcus, Managing Director of WSD, addressed the meeting on “HRB export price likely to continue to decline” and he added that the price may bottom out well above the prior lows.
Peter believed that global steel markets were on the track of downslide, and world steel market would not improve sharply before 2012. In the year of 2012, global steel industry may revive due to recovering demand, hiking scrap price, pig iron shortage and improving market psychology. As major steel-making countries are boosting production, competition in world export market will be tougher.
Steel mills will be forced to cut back production in line with global steel price drop, and demand for iron ore will be accordingly reduced. Steel mills are gradually increasing their own ore resources. WSD predicted iron ore benchmark price of 2010 would slide 30% on 2009 level settled by Japan and S Korea .
Wu Wenzhang, General Manager of SteelHome website, forecasted that China steel market would remain correction in 4th quarter but the bottom of Q4 would stay higher than previous lows. The higher bottom in Q4 is based on ample liquidity, not be stirred up by real demand.
China steel production, financial and money policy adjustment, whole world’s economics growth, commodity price trend and currency exchange will be the major concerns on the future of market.

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