SHANGHAI, Aug.17 (SMM) – Chi Jingdong, Vice Chairman of China Iron and Steel Industry Association, indicated that it is improper to see such big growth in steel price, which drives costs up, including imported iron ore. Raw material prices rise unmorally amid market speculations. Imported iron ore price jumped to $70/mt from $50/mt from July.
Rising raw material prices will squeeze profits at steel plants which just start improving.
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