Pressure Builds On Chinese Steel Sector As Prices Plummet

Via AG Metal Miner   China’s major steelmakers recently warned of a “very challenging” H2 that could impact steel prices. As noted in news reports quoting the China Iron & Steel Association (CISA), this goes against earlier expectations of improvement in the sector. According to a June 30 report from Bloomberg, officials from China Baowu Steel Group, Ansteel Group, Hesteel, and Hunan Iron & Steel Group cited low demand. Other factors include lagging profitability and pressure to cut costs for creating a “very…