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Print [Ferro-Alloys.com] Chinese steel producers will suffer even bigger losses in August, following a USD299 million loss last month due to falling prices, a senior official of industry group the China Iron and Steel Association (CISA) said on Thursday.
"China's steel sector is facing the most difficult times. Chinese steel mills will suffer deeper losses in August after losses of RMB1.9 billion in July," CISA Vice-Chairman Wang Xiaoqi told an industry conference in Suzhou.
Shanghai steel rebar futures hit a record low of RMB 3,327 per tonne on Wednesday, reflecting weakening demand from China, the world's top steel market.
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