China produced 8pc more steel from January to July this year at 649.33mn mt from the same year-ago period, according to the National Bureau of Statistics (NBS).
The country’s crude steel output was 86.79mn mt in July 2021, falling 8.4pc from 93.36mn mt it produced in the same month last year, noted the Bureau on Aug 16. This also translates to a 7.6pc contraction from June, marking a 15-month low, even as total industrial production increase by 6.4pc.
The Chinese government has vowed to reduce steel production to spearhead the transition to a “greener” economic model. Beijing has dispatched inspection teams to local governments and mills to enforce cuts in steel capacity and output. It has already shut down outdated blast furnaces and reduced output at companies with poor environmental performance, high energy consumption, and outdated technology and equipment.