China Cuts Steel Output Again as Covid Zero and Property Crisis Sap Demand

China`s steel production fell again last month as mills cut output to stem losses and cope with a slide in demand.

Nationwide virus controls, the ongoing property crisis, and the start of winter pollution curbs continued to keep the steel industry on the back foot in November and leave production on course for a second consecutive annual decline. While iron ore prices have rallied sharply in recent weeks in anticipation of China`s reopening, a pick up in end use will depend on government stimulus measures and a stabilization in the real estate market, as well as clearing the worst of the current wave of Covid infections.