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China’s steel market seen reaching peak
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China’s steel market seen reaching peak
The Chinese market, which has driven much of the world’s demand for steel, will reach its saturation point within a few years, forcing further industry consolidation after that country steps up its steel exports, a Tata Sons executive said on Monday at the Reuters Manufacturing Summit.
Once the Chinese market reaches that point, the steel mills there will increase exporting, raising pressure worldwide by driving down prices and profit margins, said Jamshed Irani, a director of Tata Sons, the controlling shareholder in Tata Group, which controls a range of companies including Tata Steel Ltd. “Once China’s usage is met, saturated, then the world of steelmakers will have to look out”, Irani said at the summit held at Reuters headquarters in New York.
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