China's steel mill owners are in a bad mood as demand takes a hit

China's steel mill owners are in a bad mood as demand takes a hit

- Steel inventory is slowly piling up in their warehouses as demand for steel in China falls amid pandemic lockdowns and crippled construction activity. - Chinese blast furnaces are now operating close to full capacity, at more than 90% — the highest rate in 13 months — despite thinner profits, analysts say. - Australian and Brazilian iron ore miners are safe for now. Steel mill owners in parts of China are in a bad mood, Beijing-based commodities consultant Simon Wu said. Steel inventories are slowly piling up in the warehouses of the country's biggest steelmaking hub, the northeastern city of Tangshan, as well as in the provinces of Jiangsu and Shandong, mill owners told Wu, a senior consultant with analyst Wood Mackenzie. Demand for steel is falling amid pandemic lockdowns …
More on: www.cnbc.com