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China's steel industry contracts for the 10th month

Growth in China's embattled steel industry has declined for the tenth month in a row despite its recent rebound in activity. The Purchasing Manager Index, which measures activity in the sector, stood at 45.1 for February.

Any figure above 50 indicates expansion, while below 50 suggests contraction.

An insider from a medium sized and privately owned steel mill in Jiangsu accuses the government of ignoring the plight of privately owned steel firms. The government is protecting state-owned enterprises and offering them subsidies whenever they are making a loss.

The introduction of a new environmental law this year will significantly increase the cost production by 13% or CNY 200 per tonne.

Source – Business Spectator

Mar 10, 2015 11:37
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