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Japan-Update

JFE set to beat profit forecast on steel recovery

Chinese capacity cutbacks boost prices internationally

The price of one ton of coiled steel sheets bound for Southeast Asia climbed about 10% over a year.

TOKYO -- Japanese steel giant JFE Holdings is likely to earn as much as 230 billion yen ($2.11 billion) in group pretax profit for the full year ending March, outpacing the estimate of 200 billion yen as the global steel market recovers in response to Chinese production cuts.

JFE may end up reporting 220 billion yen to 230 billion yen in black ink, which would be 2.6-2.7 times fiscal 2016's take. During that year, the market was flooded by Chinese products, and the lower steel prices hurt JFE's profit growth.

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