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MNI: China Steel Export Growth Seen Slowing In 2024

MNI (BEIJING)
MNI (Beijing)

China's steel exports will increase this year but at a slower rate as the government tries to limit production expansion, an advisor and local analysts have told MNI.

Growth in China’s steel exports will slow this year from last year's 36.2% as authorities restrain mills from chasing low-profit foreign sales even as domestic demand remains weak, an advisor and local researchers told MNI.

Last year’s exports hit 90.3 million tonnes as mills seeking to maintain employment diverted output abroad while increasing overall production to 1.019 billion tonnes from 1.013 billion tonnes in 2022. Authorities may use carbon emission regulations to restrict output this year, said Wang Yongzhong, head of international commodity research at the Chinese Academy of Social Sciences.

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Growth in China’s steel exports will slow this year from last year's 36.2% as authorities restrain mills from chasing low-profit foreign sales even as domestic demand remains weak, an advisor and local researchers told MNI.

Last year’s exports hit 90.3 million tonnes as mills seeking to maintain employment diverted output abroad while increasing overall production to 1.019 billion tonnes from 1.013 billion tonnes in 2022. Authorities may use carbon emission regulations to restrict output this year, said Wang Yongzhong, head of international commodity research at the Chinese Academy of Social Sciences.

Keep reading...Show less