China's Steel Output Drops Again With More Cuts on the Way
- Outlook somber with continued price declines, Shenhua says
- Production set to drop about 2.9% in 2016, CISA forecasts
A worker walks on stacked steel pipes at a storage yard in Shanghai, China.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
Steelmakers in China, the world’s top supplier, are cutting output yet again as faltering demand and a rout in prices show no signs of abating.
Crude steel production shrank 1.6 percent to 63.32 million metric tons in November from a year earlier, while supply for the first 11 months dropped 2.2 percent to 738.38 million tons, according to data from the statistics bureau on Saturday. The country makes about half the world’s steel.