The state media Xinhuanet.com cited a report released by Chinese Academy of Sciences lately as saying Chinese steel market would feature low supply and demand in the New Year, with prices lingering at low level.
As per report, Beijing"s support packages could support the market to some extent, with major products production ramping up gradually.
The report also suggests steelmakers and related government bodies to keep a close eye on market changes, putting a control on total production and optimizing product mix. Industrial consolidation progress should also be accelerated in the year.
Leading domestic steel mills are encouraged to invest in overseas assets to lower costs and lift profit.