Reported about 2 months ago
Chinese steelmakers have significantly cut their output due to falling demand and margin pressures, with July production dropping by about 9% compared to both the previous month and the same time last year. This decline is attributed to a prolonged downturn in the real estate market and decreasing factory activity, leading to lower domestic prices. Experts predict that steel consumption may decrease further this year, reflecting concerns over the industry's capacity and ongoing economic challenges in China.
Source: YAHOO