Nippon Steel Executive Sees China-Driven Supply Glut Nearing End
Workers prepare a bundle of steel reinforcing bar at a metal stock yard in Shanghai.
Photographer: Qilai Shen/BloombergA top official at Japan’s biggest steelmaker said a supply glut driven by surging Chinese exports may finally be nearing an end, a shift that could pave the way for a recovery in Asian markets.
Exporters in China were increasingly struggling to generate profits from overseas sales as the regional market had become oversupplied, said Nippon Steel Corp. Chief Financial Officer Takahiko Iwai. Shipments were also falling partly as a result of trade measures — including anti-dumping duties — applied by several nations, he said.