Analysts at the South Korean steel corporation Posco (a member of three world leaders in production of stainless steel) believe that the metal market in China will recover before the end of the III quarter of this year. According to experts of the steel giant, this turn of events will be possible thanks to the measures taken by the PRC government to stabilize the economy.
Park Ki-hong — CFO Posco, believes that the second half will also be more successful for the South Korean manufacturers of metal. «We are confident that the results in terms of sales remaining half 2012 figures surpass the 1 x two quarters," — commented the representative of the corporation. Previously, specialized media reported that in the II quarter of 2012. The operating profit figure fell Posco (compared to the same period last year) by 29%.
However, the management company Pohang Iron and Steel Company, which undergoes the growth of imports of Chinese stainless steel production to the domestic Korean market, not in a hurry to make adjustments in their own price lists. In a recent announcement of the August price corporation, its management announced its intention to keep the cost of austenitic stainless steel (both hot and cold) at the July contract price tags (T / K -. 3.3 million won per ton, and X / K — 3.57 million. won).