China plans to trim domestic output of both steel and coal this year as part of its drive to shutter money-losing "zombie companies." One shipping analyst says the moves are a potential positive for the dry bulk industry.
State news agency Xinhua reported the cuts were presented at Sunday's opening sessions of the National People's Congress.
Chinese officials at the meeting said they want to shutter about 50 million metric tonnes of steel production this year, roughly 6% of the country's expected output of 825 million metric tonnes.
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