KUALA LUMPUR (June 29): MIDF Research has maintained its “Negative” rating on China’s steel production remained high leading to a rise in export volume of steel.

In a note today, the research house said export tonnages for Wire Rod and Rebars continue to be rampant.

MIDF Research said global steel production capacity utilization declined reflecting overcapacity in steel production worldwide

“Continue to expect rampant dumping activities of steel products in the local market.

“Volatile raw material prices to continue to pose challenges to margins of steel players.

“Maintain Negative on the sector,” it said.