China's steel sector will remain oversupplied in 2016, as the contraction in supply remains outpaced by that in demand, a forecast from the China Metallurgical Industry Planning Institute (MPI) shows.
Demand is estimated at 648 million tonnes, while output is expected to reach 781 million tonnes, the MPI said.
China's crude steel output continued to fall in mid-November as mills struggled against mounting losses amid a weak market.
Member mills of the China Iron & Steel Assn (Cisa) produced crude steel at an average rate of 1.61 million tonnes per day during the second ten days of November, down almost 5% from the previous 10-day period.
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