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China’s steel output cuts remain too small to buoy steel markets

October 26, 2023 Comments Off

China’s daily crude steel output retreated in mid-October with Chinese steelmakers under growing pressure amid poor sales margins. However, in the absence of government-mandated production cut orders, China’s overall reductions in steel output remained too small to boost steel prices. The Chinese government has remained muted over steel output curbs for 2023 as of late October, leading market participants to…