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China's steel output cuts could continue in H2, annual target may be readjusted

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Update time : 2021-08-03 18:24:28
A recent call by China's Politburo for a correction in "campaign-style carbon reductions" is expected to mainly target China's thermal coal industry, while the nationwide steel output cuts will likely still be implemented in the second half of 2021, as curbing iron ore prices was the major reason behind it, market sources said.

China's top planning body in a July 30 meeting said it was important to set the path to peak carbon emissions first before breaking old patterns.

The announcement led to a fall in the Chinese steel futures market. On Aug. 2, the most actively traded October rebar and hot-rolled coil contracts on the Shanghai Futures Exchange dropped 5.6% and 5.7% on the day to Yuan 5,414/mt ($838/mt) and Yuan 5,780/mt, respectively.

However, market sources said China's steel output cuts were not "campaign-style carbon reductions."

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