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Steel enterprises face new crisis

www.chinanews.cn 2005-04-06 13:51:04

Chinanews, April 5 - Major domestic steel enterprises, which have gone
nearly mad with the soaring price of iron ore, received another blow as
Australian BHP Billiton Ltd./Plc. announced it intention to raise the
price by 110%. The market has yet to digest the impact of the 71.5%
increase by Brazil's CVRD, one of the top three iron ore producers.
In its pricing policy, BHP asked for an extra 7.5 to 10 US dollars for
freight out of Australian ports over the 71.5% surge.
If the price of iron ore were raised by 110%, the cost of steel per ton
would soar to more than 1,100 yuan (some 133 US dollars) from the present
600 yuan (72.6 US dollars). The impact on the final price is relatively
limited, but will lead to great declines in the enterprise's profit and
push small and medium steel enterprises to the edge of bankruptcy.

          ��Steel makers to suffer heavy losses (2005-03-25)
          ��No end in sight for steel price hikes (2005-03-23)
          ��Steel price hikes impact 500 listed companies (2005-03-04)
          ��Steel prices to rise sharply in China (2005-03-02)

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8610-68327649

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