A steel industry body said yesterday that the central government's macroeconomic policies have started to take effect in the steel sector, with overheated investment being reined in. The China Iron and Steel Association said that steel sector investment grew by 54.7 per cent year-on-year to 84.8 billion yuan (10.2 billion US dollars) in the first six months of this year. The growth rate was down from a staggering 107.2 per cent during the first quarter of this year, but the association struck a note of caution, calling for an all-out effort to ensure that investment does not spiral out of control again.
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