Shanghai-based Chinese steelmaker Baoshan Iron and Steel Co. Ltd (Baosteel) has announced that it plans to produce 45.63 million mt of pig iron and 47.37 million mt of crude steel in 2018, while targeting an operating revenue of RMB 278.6 billion ($44.3 billion) for the given year.
Meanwhile, Wu Kunzong, chief financial officer of Baosteel, stated that the trade friction between the US and China will likely affect demand for steel. He said he expects that China’s steel demand will indicate a year-on-year decline in 2018 and that overall finished steel prices will be lower than in 2017. He also stated that import iron ore will be characterized by oversupply in 2018 and so import iron ore prices are unlikely to increase significantly during the year.