Ah, the cycle accelerates downward. From Reuters:
China’s steel consumption will likely fall 6 percent this year, an industry official from the country said on Thursday, underlining how a slowdown in the world’s No. 2 economy will continue to hurt industrial demand.
Chinese crude steel consumption dropped 3.4 percent last year, shrinking for the first time since 1981, and fell again in the first quarter, spurring producers to sell more steel overseas.
