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Yield-cutting in China leaves 800 thousand people out of work

According to China Bureau of Statistics, during January to September, the outputs of crude steel, pig iron, and steel products, such as steel rebar, hot rolled coil etc., are 603.78 million tons, 528.25 million tons, and 851.78 million tons respectively, gained 0.4%, 0.3, and 2.3% respectively.

Coke price has been increasing for 16 weeks in a raw. On October 19, Qinhuangdao Future Market for seaborne coal offered a price of RMB577/mt, gained RMB7/mt from last week, and increased RMB206/mt from RMB371/mt in the beginning of this year, totally jumped 55.5%.

Since October 21, the environment department arranged 10 inspection teams for the environment control of 20 cities and regions including Tianjin, Hebei province, Shandong, Henan, Guangdong, Sichuan, Hannan, Xinjiang etc.

Since the State Council of China first dispatched inspection team in August, yield-cutting process obviously accelerates. However, around 800 thousand workers have been cut and need to be reassigned.

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