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Output of crude steel records slight rise
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CHINA’S crude steel output rose slightly last year, according to the country’s top economic planner yesterday.
Crude steel production rose 1.2 percent year on year to 808.37 million tons in 2016, compared with a 2.3 percent drop in 2015, according to the National Development and Reform Commission.
Meanwhile, steel prices continued to gain, with the domestic steel price index adding 11.23 points from November to 99.48 in December on average, up 44.13 points from the same period in 2015.
China’s oversupplied steel sector has experienced years of plunging prices and factory shutdowns due to a sluggish economy. However, with an upward trend in prices from the beginning of 2016, many steel mills are resuming production.
The central government has reiterated that cutting overcapacity is high on its reform agenda as excess capacity in steel and coal sectors has weighed on China’s economic performance.
China plans to reduce steel output by an additional 100 million to 150 million tons by 2020. Its 2016 target to cut 45 million tons was achieved ahead of schedule.
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