Oversupply concerns weigh heavily on the steel sector in China as some 80 million metric tons of fresh capacity will hit the market this year amid dwindling demand due to the COVID-19 epidemic, an industry expert said.
Future mining investment is expected to ease as a result of less work on iron ore and coal projects, along with the deferral of final investment decisions on some large LNG projects, Australia's central bank said.
China iron and steel association (Cisa) member mills increased steel output to a record high in late July as stimulus and lockdown delays extended the construction season into late summer.