Steel is stacked up to record levels in warehouses across China, as the coronavirus outbreak has put a freeze on construction and manufacturing that account for over half of global demand for the material.
A total of 34.3 million tonnes of finished steel products - the highest level ever recorded - were being held by steel makers and traders as of February 20, according to Shanghai-based industry data provider Mysteel.
In a press conference on Sunday, the China iron and steel association warned that mills should actively cut back on production or risk causing oversupply and rising debt levels in the industry.
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