Industry experts say 83 percent of firms losing money as prices continue to fall
China’s steel prices fell to 3,684 yuan ($585) a metric ton on Wednesday, their lowest level since late 2009, and senior officials said the fourth quarter will be even more difficult for the industry.
Steel prices are now dropping at a daily rate of more than 15 yuan a ton, said Zhu Xian, a senior analyst at the industrial consultancy Mysteel.
He predicted that the price will have fallen by another 50 yuan a ton by the end of Friday.
“Steel prices have now come back to the same level they were at in October 2009,” added Wang Guoqing, deputy director of Lange Steel Information Research Center, an industrial consultancy based in Beijing. (…)
