Key material: A man walks by an iron ore blending site at Dalian Port in China. Prices of iron ore, a key steel-making ingredient, peaked above US$230 (RM957) a tonne in May and dropped to US$140 (RM582) a tonne this month. — Reuters
TOKYO: Nippon Steel Corp’s annual profit may beat the company’s recent sharply upgraded forecast, a senior executive indicated to Reuters, as steel prices outside Japan continue to rally on strong demand while iron ore prices have plunged.
Earlier this month, the world’s fifth-biggest steelmaker raised its annual profit guidance by 54% as solid global demand boosts steel prices and earnings of its units in India, the United States and Brazil.
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