No end in sight to steel oversupply, price slump

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It is in itself some achievement that the country’s steelmakers are able to engage their customers in discussions about price revisions of products for long-term contracts in the present difficult circumstances. This is because the initiative stands in rather sharp contrast to the scene in the northern hemisphere and China. In both regions, steelmakers are doing a few things to regulate production in anticipation of further fall in prices and their margins coming under increasing pressure. In spite of Western countries returning to work after a traditional holiday break for a month, global production in September, according to the World Steel Association (WSA), fell by 674,000 tonnes to 123.57 million tonnes (mt) over the previous month. This is the lowest since February, when world output was 118.36 mt.
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