Ningbo: The depression in the steel industry still continues, Wang Yingsheng, Director of Market Research Department of the China Iron and Steel Association, said at today’s Cosco-organised World Shipping Summit in Ningbo.
Wang predicts the steel industry will keep a loss-making or slightly profitable year in 2014. He said the current steel price has dropped to levels last seen in 1994. Wang reckons the depression in the steel industry might be bad news for the shipping industry, however, the low steel prices will greatly stimulate the shipbuilding industry. [06/11/13]