Global Steel Production (Dec. & 2017)

World Steel Association (WSA) data showed a 3.9% y/y increase in global steel production in December and a 5.3% rise in 2017 as a whole. Expectations that the capacity closures in China would prompt a sharp fall in output were once again disappointed. We have always thought that this would happen and it is a key reason behind our bearish view on Chinese steel prices this year.

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