Production costs at Chinese steel mill have increased, especially at electric arc furnaces, because of recent power rationing and government demands for energy consumption cuts, the country’s steel association said on Monday. Steel mills have cut or halted production because of the power supply crunch since September, which will “significantly increase companies’ costs” and weigh on their profitability, Qu Xiuli, the vice chairwoman of the China Iron and Steel Association (CISA), said at a news conference. The world’s second-largest economy has suffered from the power curbs because of high coal prices for generators amid tight supply of the fuel, leading to companies ranging from upstream metalmakers to downstream fabricators slowing down activities as the government vowed to prioritise residential power consumption. read more Daily crude […]