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China may raise 2017 steel, coal capacity-cut targets by 10%: report

Singapore — Beijing may raise the targets for capacity cuts in the steel and coalsectors by 10% in 2017, after both exceeded the goals set for this year, localmedia reported Friday.

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Capacity cuts, part of supply-side reforms being implemented by thecentral government, would also be extended to other industries includingcement, glass, primary aluminum and shipping, the Economic InformationDaily, a Xinhua publication, reported without citing a source.

This year's targets were 45 million mt/year and 250 million mt/year forsteel and coal respectively, and actual cuts have exceeded these figures.

In steel, about 74% of the 45 million mt/year comprised capacity had notbeen in production, which partly explains why output had risen despite thecuts, the Daily reported in November.

The official targets for 2017 are yet to be announced.

--Keith Tan, keith.tan@spglobal.com--Edited by E Shailaja Nair, shailaja.nair@spglobal.com