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Nippon Steel Warns as China Tightens Grip on Global Market

Steel News - Published on Fri, 28 Aug 2020

Image Source: Nippon Steel
Bloomberg reported that Nippon Steel’s Executive Vice President Mr Katsuhiro Miyamoto said that China is set to strengthen its grip on the global steel market as its economy recovers from the coronavirus pandemic faster than rivals and domestic mills expand into higher-quality products. He said “Chinese mills, which benefit from robust local demand backed by infrastructure spending, are able to reap earnings and to allocate more money to developing new products. Chinese steelmakers are working hard on product development. We must stay ahead of them.”

Steelmakers in Japan have focused on making high-end steel used by auto customers, rather than trying to match China in volume. But now they are facing increased competition on quality as well as price as Chinese mills seek to catch up on technology. Toyota Motor Corp. will buy some steel used in electric vehicles and hybrids from China Baowu Steel Group, seen as the first time a Japanese automaker has adopted China-made electrical steel in its home market

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Posted By : Yogender Pancholi on Fri, 28 Aug 2020
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