Lower China steel demand growth to pressure iron ore - Baosteel

(Reuters)
Updated: 2013-06-04 14:15
Counter: 30

Lower steel demand growth in China, the world's largest steel producer, will add pressure to iron ore prices, the head of Baoshan Iron & Steel (Baosteel) said on Tuesday.

Baosteel, the country's biggest listed steelmaker, sees China's steel production rising just 1-2 percent in 2013 from a year ago, Chairman Xu Lejiang told reporters at a briefing.

China produced 716.5 million tonnes of crude steel in 2012, up 3.1 percent from year ago.

*********************

...this means that only ~1 billion tonnes of 63% FeT iron are required per annum...