China’s steel stock has hit its highest-ever level with stocks standing at 10.96 million tonnes on March 15th.
The total steel output of January February still increased by 3.1% YoY to 90.35 million tonnes even under the present situation of declining demand and mills cutting production.
Dr Rong Gang Principal analyst of LGMI, indicated that steel industry have much stronger supplying capability than what market need, which is the fatal pressure on the steel price to go up.
Source: Yieh
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