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Global Steel Wars Intensifying As India Demands Deeper And Faster China Production Cuts
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
davidstockmanscontracorner.com / By Swansy Afonso at Bloomberg /
China’s plan to cut its annual crude steel capacity by about 13 percent by 2020 won’t be enough to revive an industry reeling under a slowdown in the world’s second-biggest economy, a top official at India’s third-biggest producer said.
“There’s excess surplus, so they have to cut production,” Seshagiri Rao, joint managing director of JSW Steel Ltd. and chief financial officer for the group, said in an interview in Mumbai. “Almost every country has taken one step or the other to close its borders, but the import threat continues.”
A global glut has roiled steelmakers from ArcelorMittal, the world’s biggest, to Tata Steel Ltd. and JSW in India as demand for the alloy in China cools at a pace faster than the decline in production, spurring record exports. The European Union last week introduced anti-dumping duties on certain products from China and Russia for unfairly undercutting local makers, while India earlier this month imposed minimum import prices.
The post Global Steel Wars Intensifying As India Demands Deeper And Faster China Production Cuts appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/16/global-steel-wars-intensifying-as-india-demands-deeper-and-faster-china-production-cuts/
