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China’s crude steel output to drop in 2015: CISA

According to China Iron & Steel Association (CISA), output of crude steel will drop by 2% in 2015 and this is lower than CISA’s estimation of 1.1% in March. 

It means the crude steel production will reach 807 million tons this year from 823 million tons in 2014, the first contraction since 1990, as steel producers in China shut capacity.

According to CISA, the greatest factor of this reduction is profitability; the market is speculating that producers and traders are holding back supplies in an effort to push up prices.

Li Xinchuang, CISA’s deputy secretary-general, said in an interview this week, “Low prices will be with us for a long time. So will tepid demand and zero growth, or even contraction, in output.”


Source: yieh.com

Jun 29, 2015 11:01
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