Nippon Steel, the world's No.3 steelmaker, is bracing for a downside risk a...
TOKYO - Nippon Steel, the world’s No.3 steelmaker, is bracing for a downside risk as slower manufacturing activities in China in the wake of the coronavirus outbreak may further weigh on demand in industries such as auto and machineries, its executive said.
In China, the world’s top steel producer and seller, inventories of main steel products - including construction steel rebar and hot-rolled coil used in cars and home appliances - have surged since late January when the number of virus infections spiked dramatically in China, paralyzing transport links and dampening downstream demand.
Another worry is higher prices of raw materials, with coking coal prices being pressured by the border closure by Mongolia which supplies about 30% of the key steel-making ingredient to China, Miyamoto said. It forecast a record loss of 440 billion yen this financial year, due to massive impairment charges on its domestic plants.
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