A report released by China Metallurgical Industry Planning and Research Institute, steel production in China is unlikely to recover next year as demand for iron ore will further decline by 4.2 percent. The report suggested that steel production will decline by 3.1 percent to 781 million tonnes with the trudging pace of the economy.
The Monday’s forecast has underscored the weak scenario for the iron and steel sector. According to predictions, the fall in steel production will result in a significant drop in the demand for iron ore by the world’s top iron ore consumer.
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