China's Steel Output Heading for a Fall, Noble Group Warns
- Mills making losses of about $50 on every ton, company says
- Drop in the country’s crude-steel output is highly probable
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Steel output in China is set to tumble, according to commodity trader Noble Group Ltd., which warned that the slump in the top producer will hurt raw-material demand.
Mills are making losses of about $50 on every ton, the Hong Kong-based company said in its earnings statement. Combined with a construction slowdown this quarter, that means a drop in the country’s crude-steel output is highly probable, it said on Thursday.