China will try all the tricks in the world but bare in mind they need exports and steel CRC, rebars etc are a huge export business. They will need a huge amount of steel for their own infrastructure projects. If the unemployment rises there will be issues and that is one more thing they don't need
in these troubling times. If you notice all the announcements refer to bringing back the production levels to 2020 levels and not below that level.
It will be the small guys who will need to cut down the production. China also needs a huge amount of foreign currency and hence the export market.
Iron ore price, page-34433
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