China's Baoshan Iron & Steel in charge of a senior, said on Thursday that the global demand for iron ore will not grow in the second half of 2012 and may even decline compared with the first half, while the supply is still rising.
Baosteel is China's largest listed steel enterprises, the person in charge of procurement operations Chang Tien wave in a industry meeting, said the global seaborne iron ore supply in the second half of this year compared with the first half, an increase of more than 50 million tons.
Further decline in demand, coupled with new mine supply iron ore price has dropped to three-year lows, may fall further in the coming months, the threat to the Rio Tinto and CVRD, Brazil and other large mining enterprises profitable.
"With industrialization, urbanization and infrastructure investment pace of slowdown in Chinese steel demand growth rate has decreased steadily," said Chang Tien wave.
2011-2015 the average annual growth rate of China's steel demand is estimated at 4.2%, but if we can achieve this increase is "Chang Tien wave that.
China's crude steel production in January-July year-on-year increased by only 2.1%, to 419.5 million tons in the same period last year representing an increase of 10.3%.
Chang Tien Bo said, China's steel production will reach 700 million tons in the next 15 years the limit, and then began to decline.
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