A 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 Chief Financial Officer Takahiko Iwai. Shipments were also falling partly as a result of trade measures ¡ª including anti-dumping duties ¡ª applied by several nations, he said.
¡°They¡¯re gradually running out of places to go,¡± Iwai said in an interview. He added that the steel market in Asia could be ¡°nearing the bottom¡± and would begin to improve, without giving a time frame.
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