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    Jan 14 2020 · China s appetite for high-grade iron ore this winter looks set to drop from the peaks hit in recent years as steel mills try to cut costs and prop up profit margins weighed down by the nation s Steel mill blast furnaces and basic oxygen furnaces (BOFs) meanwhile are not easily idled and have continued to operate during this same stretch leading to reports of a widespread finished and semifinished steel glut. As China produces roughly half of the world s steel the impact on global steel and ferrous scrap prices seems inevitable.

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