Bloomberg reported that Australia’s largest steelmaker BlueScope Steel Ltd sees signs that steel de stocking cycles in China and the US, which have cut demand for the raw material.

Mr Graham Kraehe chairman of the Melbourne based BlueScope in an address in Brisbane said that “We are seeing some early signs that the de stocking phases have finished in China and some earlier signs still they may be getting towards the end of de stocking in the US.”

He added that “We are hopeful but I would not say any more than that.”