China’s industry ministry raises nationwide replacement ratios and limits capacity transfers as steelmakers face oversupply and shrinking profits
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China has tightened rules on steel capacity swaps, seeking to close loopholes that have allowed production capacity to persist or even expand as the industry struggles with oversupply and weak profits.
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Output of the metal could drop 0.5 per cent from a record high in July, according to a forecast by Shanghai Metals Market.
