SANTIAGO (Scrap Register): Low steel prices will remain for the next 3 to 4 years due to oversupply of 450 million tons in steel market, most of it comes from China, said Rafael Rubio, general director of Latin America Steel Institute (Alacero).
According to data of Alacero, 48% of global steel production belongs to China.
Rubio said the average price of China's steel in Latin American market was $944/ton in 2011, it dropped to $658/ton in 2014 and so far this year reached $601/ton, which means a significant drop of 36% in only 4 years.