China's steel output to fall in 2015 and 2016

A predicted slump in China's steel production this year and in 2016 will lessen pressure on other steelmakers around the world but should put further pressure on commodities prices.

The China Iron & Steel Association (CISA) said at a Beijing conference that steel output was expected to fall to 780m tonnes by 2020, Reuters reported.

The People's Republic, the world's largest steel producer, had been accused of "dumping" steel on international markets, causing prices and profitability to fall, leading to job losses in places like the UK.

With steel prices hitting their lowest in more than two decades, China's huge steel sector has also struggled with surplus capacity of about 300m tonnes and cooling demand.

The CISA said China's crude steel production would make a brief rebound in 2017 before resuming its downward trend.