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Steel Industry Transitioning Away From Construction - Expert

CHINA PRESS
MNI (BEIJING)

China’s building industry has reduced its proportion of steel demand from 40% of total steel output to 30% in 2023, according to Wang Guoqing, head of the Lange Steel Research Center. Wang said as policymakers promote modern industrialisation, buyers are demanding more industrial grade steel and less construction. China’s proportional demand for high-value-added steel varieties will continue increasing, as the country focuses on boosting consumption in the automotive, consumer goods, cars and home appliances sectors, Wang added. The National Bureau of Statistics announced recently China's crude steel production in September 2023 was 82.11 million tons, down 5.6% y/y but year to date remained up 1.7%. (Source: 21st Century Herald)

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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