More small-scale Chinese mills suspend production

Wednesday, 19 October 2005 10:09:23 (GMT+3)   |  
       

More small-scale Chinese mills suspend production

Pressure continues to mount as falling steel and iron prices in China put the squeeze on many small-scale domestic producers' profit margins. Market sources report that the number of small-scale steel mills opting to suspend their production in Hebei province is increasing. Eight steel mills recently idled a total of twelve blast furnaces with a combined capacity of 2'000 cubic meters. Sources add that other regions also face similar situations, but this has not yet been confirmed. The suspension of production should help to stabilize a steel market currently trying to come to grips with excess inventory. SteelOrbis Shanghai

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