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China’s steel inventory hit all-time high, industry watchers urge production cut

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China's steel inventory hit an all-time high due to weaker demand from downstream sectors which haven't resumed full capacity production amid the coronavirus outbreak, prompting industry watchers' call for sector-wide production cut.

According to data from ChinaTSI, an industry consultancy, steelmakers' inventory reached 34.28 million tonnes last week and the inventory is expected to maintain uptrend momentum as steel companies are churning out 2 million tonnes tonnes a day.

Steelmakers . . .

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