I'm amazed at how the media has grabbed this story and has...

I'm amazed at how the media has grabbed this story and has thrown it everywhere. MGX is being conned. I think China has stuffed up and is now lying and in order to talk the price down.

"China's biggest steelmakers including Baosteel Group and Jiangsu Shagang Group are "considering" output cuts."

"Considering"? More like ramping up production to compensate for the shut down period. I have heard that 90% of china's steel production is for domestic use.

Of course the stockpiles are full. Steel mills have been shut down for 5 weeks over the Olympic period and a then closed for 10 days for the national holidays.

Here is an article that's nearer to the truth...

The demand for iron and steel products on the Chinese market has been soaring, with the growth rate far exceeding the average level on the world market.

A report published recently by the China International Finance Co. said that from January to June, the volume of domestic phenomenal consumption (output plus import and then minus export) rose by 22 percent from the same period last year, far exceeding the average on the world market.