China's steel industry - strict up north, easy down south

Singapore

ONE country, two systems has come to the world's largest steel industry.

As China's great environmental clean-up takes effect during the winter months, the stringent curbs being implemented across the north are hurting mills' output, while giving free rein to producers in the south.

"Southern steel mills unaffected by the output restrictions are generally running at full speed," brokerage Nanhua Futures Co said in a note.

"They're seeing better demand for their …