Little opportunity seen for China steel market gains in 4th qtr.

Oct 03, 2013 | 09:40 AM |

Tags  China steel, steel production, iron making capacity, Cisa, China Iron and Steel Association, productions cuts, steel prices, rebar hot-rolled coil

SHANGHAI — China’s steel market is unlikely to gain much momentum in the fourth quarter, given rising supply and moderate demand.

The country produced 2.14 million tonnes of crude steel per day from Sept. 11-20, up 0.7 percent from the first 10 days of the month, according to the latest China Iron and Steel Association (Cisa) data. That amounts to 782 million tonnes on an annualized basis.

"Production could stay high in the next few months as no major mills have cut back plans so far. But the pace could slow down, given the recent downtrend in steel prices, as well as stricter environmental controls in major steelmaking regions such as Hebei province," a northern Chinese mill source said.....

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