SHANGHAI: China has handed the resurgent global steel industry an early boost for next year, with a clampdown on illegal mills that Citigroup Inc says could benefit the world’s biggest producers.
A campaign by China to shutter some induction furnaces, which use scrap as a raw material, may hit as much as 5% of the country’s output, bank analysts including Jack Shang and Tracy Liao wrote in a note received yesterday.
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