Oversupply concerns weigh heavily on the steel sector in China as some 80 million metric tons of fresh capacity will hit the market this year amid dwindling demand due to the COVID-19 epidemic, an industry expert said.

The trade volume from January to May totaled 172 billion yuan ($24.3 billion), an increase of 21.1 percent over the same period last year.

The 2010 ferrosilicon contract price on ZCE closed at 5710 yuan per ton on August 14.

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