China's Ministry of Industry & IT sent investigation teams this week to ensure steel players in Tangshan do not overproduce, in order to control air pollution. This is what they call Supply - Side Structural Reform. Normally, lower production/ supply is good for steel price. That's why China steel rebar shot up above CNY5000, already above 2017's level. Share price of China steel companies such as Angang Steel and Bao Steel have been running up. This should be good news for Malaysian steel players like Ann Joo and Lion Industries as they've started exporting steel to China last year.
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