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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