Steel Industry Faces Insufficient Demand - Official

China’s iron and steel industry faces insufficient demand recovery, declining profitability and large contradictions in supply and demand, said Chang Guowu, director at the raw material industry department at the Ministry of Industry and Information Technology at a recent press conference. Authorities note the industry has become less efficient this year with low demand and high raw input prices. In a planning document released at the press conference, policymakers proposed to expand consumer steel demand in key areas such as new infrastructure, new urbanisation, rural revitalisation and emerging industries. On the supply side, China will continue to reduce overcapacity through a market-oriented approach to industry consolidation. (Source: 21st Century Herald)