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China Steel Prices Likely to Bottom out in Q2

Carmakers Bullish on China Auto Sales for 2009

BEIJING, Apr. 22 -- Steel prices in China now stay at the bottom and may rise moderately in the second quarter and get stronger in the second half year than in the first half, experts attending a recent forum on steel futures hold.
&nbsp;&nbsp;&nbsp; However, a bull run for the domestic steel market will not come soon since the international market hasn't yet recovered significantly, they believe.
&nbsp;&nbsp;&nbsp; Market players noted that China's demand for crude steel has kept growth momentum and is predicted to reach 480-490 million tons for 2009 while its net crude steel exports are estimated at about 10 million tons. In that case, China's crude steel output in 2009 should be controlled at around 500 million tons in a bid to maintain market balance.
&nbsp;&nbsp;&nbsp; Official statistics showed that China's crude steel output reached 127.44 million tons in the first quarter, up 1.4 percent year on year.
&nbsp;&nbsp;&nbsp; According to&nbsp;statistics, domestic steel prices will keep at a low level this year, hovering at the average cost but unlikely to dive further as countries all over the world have adopted easy monetary policy to help bulk commodities out of valley.
&nbsp;&nbsp;&nbsp; A source pointed out that research institutes generally forecast a 5-15 percent drop in international steel demand this year due to falling economic growth. Therefore, steel market is not expected to display strong rally soon, the source added.
&nbsp;&nbsp;&nbsp; (Source: chinamining.org)

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