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China Steel Pours Out Faster Than Ever(2)

Source:Lucy Xie Time:2016-7-25 17:05:42

Its steelmaking rivals are struggling. India’s Tata Steel Ltd., for example, is trying to offload its U.K. steel operations, driven partly by the global glut. U.S. Steel reported a $1.5 billion loss for 2015 and filed a trade complaint against China, while other U.S.-based steelmakers laid off many workers. The U.S. imposed a 265.79% duty on some Chinese steel, and the European Union and India are among others that have also slapped punitive taxes onto China-made steel.

China’s steel production this year is likely to be down 2% to 3% from last year, but percentage growth in steel-product exports is likely to be in the high single digits from last year’s 112 million metric tons, said Jiming Zou, senior analyst at Moody’s Investors Service.

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The production boost early this year was partly fueled by a rise in steel prices on Chinese exchanges, up more than 50% during the first four months of 2016 as speculative trading drove up spot-market prices.

This tempted Chinese steel producers to fire up idled or underused factories. Steel prices have fallen from their peaks in April, but the mills’ margins haven’t been hugely dented because the prices of critical raw materials—such as iron ore and coke—have remained relatively low.

(Reprinted from the economictimes.indiatimes.com)


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