--FILE--Chinese workers survey the production of steel around a furnace containing molten steel at a plant of Dongbei Special steel Group Co., Ltd. in Qiqihar city, northeast China's Heilongjiang province, 11 October 2014.
Steel output in China is set to tumble, according to commodity trader Noble Group Ltd., which warned that the slump in the top producer will hurt raw-material demand. Mills are making losses of about $50 on every ton, the Hong Kong-based company said in its earnings statement. Combined with a construction slowdown this quarter, that means a drop in the country¯s crude-steel output is highly probable, it said on Thursday (12 November 2015). Steel output in China has dropped this year as local demand contracts for the first time in a generation, with data on Wednesday showing a further fall last month. Mills in China are making increased losses as steel prices retreat to record lows, and a further decline in output would curb consumption of iron ore and coking coal. "At current steel and raw-materials prices, China's steel mills are realizing negative margins," Noble said. "Global crude-steel production ended the third quarter by recording its twelfth consecutive month of year-on-year declines."
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