Shanghai: He Wenbo, General Manager of China’s largest listed steel company Baosteel, reckons the growth of steel demand in China will slow down this year to about 3%.

“We have entered a period of stability,” He Wenbo said, “it won’t be worse than last year, but the steel industry in China has got used to rapid growth, now the growth is slowing down, the industry need time to get used to that,” He added.

China contributes nearly half of the world’s steel production and 60% of the world’s iron ore trade volume. He said he’s been telling big iron ore suppliers like BHP, Rio Tinto, and Vale to be prepared for the “sharp decline” of iron ore prices in the next few years.

Source from SinoShip