Six stainless steel producers in China on Wednesday agreed to jointly slash their output by 30 percent from December, as well as to drop vicious competition of cutting prices, Futures Daily reported.
Eight or nine out of every 10 stainless steel producers in China are in the red currently, and they are forced to reduce production, said a steel mill source in east China. Some stainless steel mills have started cutting production since August or September this year, the source added.
The output of stainless steel products of China began falling from the third quarter, after it went up month by month during the first half of this year. In October, the output declined 9.53 percent year on year. The price of a certain category of stainless steel products has dropped about 24 percent since the beginning of this year.
Latest comments