Report: Baosteel expects China's demand for steel to decline in 2018

Steel prices are likely to be lower in 2018 as Chinese demand is expected to be weaker, according to Baoshan Iron & Steel's (Baosteel) chief financial officer, Wu Kunzong at the company's annual performance conference on April 10. 

Regulations in China and the escalating US-Sino trade tension will affect China's steel exports and demands. In 2017, China launched a series of policies to reduce cut excess capacities in steel production. This bolstered prices of steel and operating income at Baosteel grew 17%. The company saw an operating income of 289.5 billion yuan and net profits of 19.1 billion yuan last year. 

China produced 830 million mt crude steel in 2017, up 5.7% from 2016.

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