China’s output fell by 7.3
percent YoY in May, sending global steel output down by 5.1 percent
China
has been offering small doses of a monetary stimulus in recent times to support
its weakening domestic economy, but it’s doubtful if they will be enough. The
state of its steel industry is a case in point of the severity of the slowdown
affecting its key industries. In May, China’s steel output fell by 7.3 percent
over the year ago period and output declined by 2.7 percent sequentially. The
country is the world’s largest steel producer—it accounted for 57...