Due to the fact that China's steel industry is showing oversupply and weak demand from processing enterprises even at the height of the traditional September season, the Chinese Association of Ferrous Metallurgy (CISA) called on domestic manufacturers to control production and strive to reduce inventories.
CISA called on Chinese metallurgists to strictly observe production controls and show greater self-discipline when reducing production and reducing inventories, according to a message posted on its WeChat account on September 15.
предложение , a joint initiative has been launched by 44 of China's largest metallurgists, including China's Baowu Steel Group, Shougang Group, HBIS, Jiangsu Shagang Group and Angang Group, this is the latest effort to control production in the steel industry the industry of China.
The domestic steel industry is facing chronic overcapacity amid weak real estate industry and slowing infrastructure growth, which has led to weakening domestic demand. The central government has repeatedly called on steel companies to stop destructive price competition.
Sluggish domestic demand - even during the traditional peak season - and relatively high inventories in the steel industry have contributed to lower steel prices, lower profitability for steel mills, and pressure on manufacturers to produce and operate, according to CISA.
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