China slowdown in auto, appliance demand to pressure flat steel prices

BEIJING (XFN-ASIA) – Prices for some flat steel products in China are likely to fall soon on slowing demand from auto manufacturers, appliance makers and other end-users, said Sun Jianliang, managing director of metals trading firm Shanghai J. Sun Trading Consultants Ltd.

“There is growing pressure to cut CRC (cold-rolled coil) prices due to slower demand from some plants, and some smaller mills probably have already begun reducing prices for some products,” Sun told XFN-Asia.

Sun was responding to reports that Baosteel would cut prices for cold-rolled steel products in the fourth quarter by 300 yuan. He added that he had not heard of any such plans by Baosteel.

Sun said domestic prices for long products remain buoyant on continued demand from the construction sector.

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