China Steel Head Says Demand Slumping at Unprecedented Speed
- Demand dropping on growth slowdown: steel group executive
- Steelmakers facing higher borrowing costs, Zhu Jimin says
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If anyone doubted the magnitude of the crisis facing the world’s largest steel industry, listening to Zhu Jimin would put them right, fast.
Demand is collapsing along with prices, banks are tightening lending and losses are stacking up, the deputy head of the China Iron & Steel Association said on Wednesday.