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 . . .
To continue reading, please subscribe. You will get
- IN-DEPTH & DATA-DRIVEN reporting about key trends in China's economy and financial markets
- THE WIRE - up-to-the-minute updates of market-moving news and views. We want you to be the first to know it when something important happens.
- DETAILS - We bring you details that you won't find elsewhere. General information is everywhere, but information with details and relevant to your investment is rare.
We highly value independence. We are solely funded by subscriptions from intelligent readers like you.
Already have an account? Sign In