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Darker days ahead seen for world's iron ore industry

Steel News - Published on Mon, 03 Sep 2012

Darker days loom ahead for the world\'s miners especially of the key steel making ingredient iron ore as an oversupply of the key commodity could dampen the positive forecast of renewed appetite made at the beginning of the first half of 2012.

Mr Zhang Dianbo, head of purchasing at China\'s Baoshan Iron and Steel Co Limited, said that the world\'s appetite for iron ore will drop, not grow, in the remaining months of the current year, triggered by an oversupply of the commodity.

Industry experts had earlier banked that China will get to renew its appetite for iron ore in the coming months.

Mr Zhang said that \"Along with slowing industrialization, urbanization and infrastructure investment, China\'s steel demand growth has been falling. Average annual growth for China\'s steel demand between 2011 and 2015 was seen at 4.2%, but whether we can reach that growth is now a question.\"

Source - International Business Times


Posted By : admin on Mon, 03 Sep 2012
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