Reported about 21 hours ago
In response to a supply glut and low profitability, several Chinese steel mills, particularly in Xinjiang, have begun reducing production by 10%. These cuts, which affect about 2,000 tons of daily output, come after the government's pledge to address industry overproduction. Despite the reductions, the overall market impact is limited as the affected region contributed only 1.3% of the national output last year.
Source: YAHOO