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China Steel Mills Suffer From Low Price

CHINA PRESS
MNI (Singapore)

China steel mills face increasing challenges as domestic steel price continue to fall while iron ore prices remain elevated, according to People’s Day. In a quarterly press conference, officials from China Iron and Steel Association said the current inventory of major steel companies are higher than the same period last year, which has lead to a 71.49% y/y fall in profits in Q1 to CNY16 billion. Officials suggested the companies should adjust production according to the market demand and control inventory.

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