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China steel sector losses to deepen in August - CISA

(Reuters)
Updated: 2012-08-30 10:31
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Chinese steel producers will suffer even bigger losses in August, following a 1.9 billion yuan ($299 million) loss last month due to falling prices, a senior official of industry group the China Iron and Steel Association (CISA) said on Thursday.


"China's steel sector is facing the most difficult times. Chinese steel mills will suffer deeper losses in August after losses of 1.9 billion yuan in July," CISA Vice-Chairman Wang Xiaoqi told an industry conference in Suzhou.


Shanghai steel rebar futures hit a record low of 3,327 yuan per tonne on Wednesday, reflecting weakening demand from China, the world's top steel market.
($1 = 6.3517 Chinese yuan) (Reporting

 

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