Key Japanese steelmakers stop production on power cuts
Reuters reported that key Japanese steelmakers stopped production at some plants as the country imposed power cuts to cope with the devastation brought by a massive earthquake and tsunami, although analysts say overcapacity elsewhere may curb any impact on steel prices.
Steelmakers in China, the world's largest producer, will be forced to cut output in the next two months as prices continue to decline because of oversupply, Jiangsu Shagang Group Co said.