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PrintNippon Steel plunged 7.8% to close at JPY 319 on the Tokyo Stock Exchange. Baoshan Steel, China's biggest dropped 8.8% to close at CNY 6.63 in Shanghai and South Korea's POSCO plunged 7.7%.
Mr Kim Hyun Tae an analyst at Hyundai Securities Co said in Seoul that “There are too many negative factors and not enough positive ones affecting steelmakers. Slowing growth will mean less demand for cars and other products that use steel. Another concern is the drop in steel product prices led by China.''
The China Securities Journal reported, without citing anyone benchmark Chinese steel prices have dropped 18% to CNY 4,863 per tonne from a June 5 record. Hebei Iron & Steel Group, Shougang Corp. and two other steelmakers in northern China will cut output by 20% this month because of weak demand.
Mr Zhou Xizeng chief analyst with Citic Securities Co said that “The global financial crisis and the slowing economy have had an impact on the property and automobile industries sending steel prices down faster than raw material costs.''
Angang Steel Company dropped by the 10% daily limit to close at CNY 7.92 in Shenzhen trading. Wuhan Iron & Steel Company also fell by the limit to CNY 6.78 in Shanghai. Dongkuk Steel Mill Limited tumbled 12% to close at KRW 29,000 in Seoul trading.
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