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Chinese steelmakers facing hard times

It is reported that Chinese steelmakers are feeling for tough times as they found steel products difficult to sell because of global prices going decline. Indeed, steel prices have weakened and slumped in demand in the markets of most countries for almost one year.

Currently, like Russia and Korea, in many countries their domestically made steel products are now cheaper than Chinese products.

The analysts said “Chinese steel producers are losing their price advantage for the world and if the imbalanced demand- supply situation is going on, it will hit the Chinese steel industry badly in the second quarter or even third quarter of 2009.”

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