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Global sluggish demand, not China, causes steel glut: spokesman

Xinhua, April 19, 2016 Adjust font size:

The Ministry of Commerce (MOC) Tuesday slammed the accusation that China was to blame for global steel overcapacity, saying that weak global demand and the economic slowdown were the culprits.

"The bulk of our steel products are consumed domestically. China does not subsidize its products to promote exports," said MOC spokesperson Shen Danyang at a news conference.

Last week, tens of thousands of German steel workers went on strike over steel products from China, while Indian steel giant Tata's decision to close mills in Britain saw a media flurry, which placed the blame on China for flooding the market with products at artificially low prices.

"The government has taken action to address steel overcapacity. Notable progress has been made," said Shen, adding that China will continue to expand domestic consumption of steel products. Endi