The Chinese iron ore and steel industry has painted a gloomy outlook for the sector with officials revealing that roughly 40 per cent of the country’s iron mines have shut down because of low prices.
The bearish tone at the annual gathering backed by the China Iron and Steel Association was reinforced yesterday by Baosteel, China’s biggest listed steelmaker, which announced more production cuts amid weak demand.
The cutbacks suggest that the industry has little faith that the $150bn programme in infrastructure projects that Beijing approved this month would provide more than temporary relief.
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