China Steel Sector’s Malaise Deepens With No Relief in Sight
- Biggest culprit is the prolonged slump in the property market
- Global market for steel rocked by China’s massive exports
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There’s more trouble brewing in the world’s biggest steel market.
After a years-long property slump that has crushed the billion-ton Chinese steel industry’s biggest source of demand, prospects are getting no better. Prices are tumbling, profits are dwindling, and there’s little relief on offer from a government focused on retooling China’s economy for the long term.