Gains in China’s steel prices this year are unsustainable in the medium- and long-term, the state council, the country’s top executive body, said. The price increases are largely a result of state-mandated capacity reductions, the council said on 28 November. “Steel was selling as cheap as cabbages, causing losses for steel mills before the state council’s capacity reduction initiative changed the market direction in the second half of this year,” it said.
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