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MNI BRIEF: China Steel Industry To Control Capacity Further

EM BriefPolicy NewsBriefAPACStoryEM Policy NewsChina

MNI (BEIJING) - China’s steel industry will strengthen efforts to control capacity and promote industry consolidation this year, said Yao Jin, president of the China Steel Association, noting the country will maintain its position as the world's largest steel producer and consumer in the foreseeable future. 

During a speech Monday, Yao said the industry's self-discipline is “far from sufficient” and the steel market faced a severe supply-demand imbalance, with some foundries continuing to produce large volumes while relying on low prices to compete. This disrupted the market order and led to a continuous decline of the industry's profitability over recent years, he added. (See: MNI: China Steel Demand Seen Falling Next Year)

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MNI (BEIJING) - China’s steel industry will strengthen efforts to control capacity and promote industry consolidation this year, said Yao Jin, president of the China Steel Association, noting the country will maintain its position as the world's largest steel producer and consumer in the foreseeable future. 

During a speech Monday, Yao said the industry's self-discipline is “far from sufficient” and the steel market faced a severe supply-demand imbalance, with some foundries continuing to produce large volumes while relying on low prices to compete. This disrupted the market order and led to a continuous decline of the industry's profitability over recent years, he added. (See: MNI: China Steel Demand Seen Falling Next Year)

Keep reading...Show less