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Cutting steel output in China more important than capacity - CISA-The 17th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
4/12/2016 Stainless Steel Industry expo |
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Global Times reported that China Iron and Steel Association Secretary-General Mr Liu Zhenjiang said that cutting steel capacity is important but controlling output is more important, as steel exports in 2016 are highly likely to fall as governments in foreign markets move to protect their own domestic producers. Mr Liu Zhenjiang, said the recovery in prices in 2016 had created a "vicious circle," increasing raw material costs and also production. He said "Cutting steel capacity is important but controlling steel output is more important.¡±
Liu''s comments came as Britain asked China on the same day to speed up the process of tackling steel industry overcapacity, in an effort to stem the flood of cheap imports into Europe.
In 2015, crude steel production in China stood at 804 million tons, down 2.3 percent YoY, the first decline in three decades. Domestic consumption was 700 million tonnes, decreasing 5.4 percent YoY.
But a surge in exports last year and the previous year has caused concern and raised flags in some countries, with trade protectionism on the rise and the global environment for steel exports deteriorating
The Reuters report Saturday said that China''s plans to shut steel mills over the next five years will cut capacity to an estimated 1.13 billion tons by 2020 - but that will still exceed domestic demand.
-The 17th China(Guangzhou)Int''l Stainless
Steel Industry Exhibition
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