Is China Losing Its Dominant Position in the Global Steel Market?

Via Metal Miner Amidst continuing reports of an economic downturn with little or no sign of improvement now comes a report that the Chinese Government has suspended the system allowing approval of new steel plants. It is a move that could have significant implications for the Chinese steel industry and global steel manufacturing as a whole. According to Bloomberg, China’s Ministry of Industry and Information Technology recently stated that it had decided to pause the current mechanism wherein new steel plant construction was allowed as long…