Baosteel says iron ore prices will drive steel prices this year

(From:CMB-CETA Editor)

NetEase Finance News on April 1

Baosteel announced yesterday the 2009 financial statements, annual sales fell 10%. In today's performance suggests the meeting, He Wenbo, chairman of Baosteel expects steel prices in 2010 there will be increased to some extent.

Baosteel said, the domestic steel shipping industry will still have moderate growth, but production and demand Pipei can see, already at a saturation point, demand growth to drive the price of status will be changed. Baosteel also said three international giants were in the normal supply iron ore minerals, in the first quarter production was not affected.

He Wenbo, chairman of Baosteel expects domestic steel prices in 2010 than last year, up to certain extent, because of lower demand growth and rising prices of iron ore and other raw materials.