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China expected to start winter production restriction in mid-Nov
Issued at 2022-11-09
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Chinese steel production continues to drop moderately. Steel production will remain high this winter, so price hikes for the rest of the year will likely be limited unless more stimulus policy is announced.
Hebei was expected to start winter production restriction in mid-November, which might ease the oversupply and support steel prices. However, the oversupply will continue as steel demand in 2023 is unlikely to increase greatly amid the current sluggish real estate industry and weak domestic consumption in China.
In the first ten months of this year, China had a new pig iron capacity of 28.8 million tons a year and a new crude steel capacity of 23.1 million tons a year.
Source: yieh.com
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