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So, how bad is the current situation? According to Murray, China ’s crude steel output in the first half of August may have fallen by 10%. "There are some seasonal factors at work, but this decline in production is unusual," he said.
In any case, the China Iron and Steel Association said that China's major steel companies are selling products at prices below cost, and there is still room for prices to fall further. The four-month price decline seems to continue. China Steel Association also said that the profits of China's major steel companies in the first half of this year compared with the same period in 2011 fell by a staggering 95.8%.