| The global steel market is oversupplied and miners are going to feel the pinch. Demand is, at best, subdued and steel production has been ramping up, especially in China. Last week, the World Steel Association said that production in April was 132m tonnes, an increase of 1.2pc year on year. “This growth is almost solely attributable to China, where 6.8pc more steel was produced in April than in the same period last year,” Commerzbank noted.
Most key producing regions reduced output, so China’s market share of worldwide steel production climbed to 49.8pc. “The global steel market remains clearly oversupplied,” Commerzbank added, “which should block any marked increase in steel prices.”........................................Full Article: Source
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