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China steel prices hit record low as crisis deepens with possible mill closure

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A worker walks past a pile of steel pipe products at the yard of Youfa steel pipe plant in Hebei Province, China on Nov. 3.   © Reuters

SHANGHAI/MANILA (Reuters) -- Chinese steel prices hit record lows on Tuesday amid prolonged worries over shrinking demand in the world's top consumer that market sources say has forced one of the country's largest private producers to cease output.

     The shutdown by Tangshan Songting Iron & Steel, with an annual capacity of 5 million tonnes, would be one of the biggest in the sector's years-long downturn as the world's No.2 economy slows, traders and analysts said.

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