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Japanese media: China shaken global steel prices

According to the Nihon Keizai Shimbun reported that Japan's Nippon Steel live gold and other Japanese steel giant JFE Steel's iron ore business procurement contract price (in dollars) again declined. Relative to the previous quarter from July to September will drop about 8%.

This is because the crude steel production in the world of China's economic recovery is slow, while excess capacity is leading to rising inventories. As Chinese demand, international prices of raw materials is becoming increasingly bleak prospects.

From the Japanese steel companies imported iron ore contract price, from July to September will be $ 126 per tonne. 4 to 6 months compared to a decline of around $ 11. Again after a lapse of two quarters of decline. Depreciation of the yen against the U.S. dollar, the Japanese steel companies were supposed to be experienced a substantial increase in the cost, but because of falling international prices, this impact be mitigated.

Recently, the international iron ore prices continued volatility. 2012 downward trend in prices has stopped footsteps, but since the end of 2012 onwards, prices fell again. Into 2013, though turned a rapid rise, but prices are lower. The background is the Chinese economic recovery is slow and overcapacity. China accounted for about half of global crude steel production.

Chinese government economic stimulus policies introduced since last year. In this context, the steel companies began to actively sourcing iron ore as a raw material. This led to a sharp rise in international prices. China March crude steel production of about 66.3 million tons, a record high. The four monthly also approaching this level. However, due to slow economic recovery and excess capacity, inventory appeared to increase. Excess inventory has been reflected in the international iron ore prices, has pulled down the price of iron ore exports to Japan.

According to the China National Bureau of Statistics show that in April producer price index (PPI) over the same month last year, down 2.6% year on year for 14 consecutive months of decline. This is considered to be due to raw material inventory at a high level, inter-enterprise transactions doldrums.

Japan, a large trading company said, in the face of excess inventory, while steel prices led to deteriorating profitability, China's iron and steel enterprises and trading companies "has been requested resource companies to reduce the price." Based on this, Rio Tinto (RioTinto) and other large resource companies have lowered the international price. Prior to the Japanese steel companies have been affected by China's strong demand, while the decrease in demand from China has brought the price depreciation of the yen fell under this benefit.

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