There’s a record stash of steel in China as demand slammed

Cutting output: An employee working at a steel factory in Dalian, Liaoning Province in China. The country is lowering production due to the coronavirus crisis. — Reuters

SINGAPORE: The world’s largest steel industry just sent out another warning flare as producers grapple with the coronavirus outbreak: nationwide stockpiles of reinforcement bar have swelled to the most on record.

The surge is a reflection of the dislocation caused by the disease and efforts to fight it. Rebar, as it’s popularly known, is used in construction and with many projects now on hold or go-slow, demand has wilted.