Facing a market that has only weak demand, Japanese steel giant JFE Steel has announced it plans to cut steel production in the second half of the fiscal year by a total of 26 percent.
The production cuts will be achieved by idling one blast furnace in Okayama, the West Japan Works Plant, staring in January.
Output will fall from H1"s 15 million tons to 11.5 million tons.
Many market analysts expect the repeated, steep cuts by so many steel manufacturers and low stocks are likely to lead to price increases soon, especially as the Chinese domestic market has already begun bouncing back. Source: Yieh.com