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Rise in local prices sees China steel mills ramp up output

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Despite global overproduction, Chinese steel prices have risen by 77 per cent this year from last year's trough on some very specific local factors, including tighter supplies following plant shutdowns last year and restocking by consumers.

Shanghai

THE rest of the world's steel producers may be pressuring Beijing to slash output and help reduce a global glut that is causing losses and costing jobs, but the opposite is happening in the steel towns of China.

While the Chinese government points to reductions in steel-