(MENAFN) Worldwide economy is being continuously severely harmed by China's overcapacity in heavy industries, with its steel production entirely unaffected by market demand, whether it's low or not, based on data.
Additionally, in only 2 years, the 2nd largest economy's cement yield equaled the amount produced in the US over the entire 20th Century, let alone its steel industry makes more than the next 4 biggest producers combined.
The issue has caused trade tensions between the Asian giant and developed nations that accuse it of dumping in their markets, especially that the Chinese government's current role in the economy is part of the problem.
In accordance, many countries have launched new anti-dumping probes into Chinese steel imports, as producers in both Europe and Asia agonize with international prices that have tumbled in the face of oversupply.
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