China Steel output in 2010 is predicted to rise to 550 million tons by 10 percent this year.
The benchmark Chinese steel prices have dropped by near 20 percent from a 10-month high on August 4.
On the other hand, Baosteel, China’s biggest mill, said fourth-quarter profit would be hurt severely as most mills slashed steel prices due to higher inventories if the oversupply problem is getting worse.
Source: Yieh.com