According to the National Bureau of Statistics of China, China produced around 1.02 billion tons of crude steel in 2023.
The production restrictions imposed by Beijing to reduce carbon emissions in 2021 led to a decline in production of 3 percent and 1.7 percent in 2022.
The strong increase in Chinese demand for steel, driven by demand in global markets and exports, has helped local steel mills maintain their operating rates.
The fact that crude steel production declined for the fifth month in December, falling by 11.4% compared to November, was due to some steel producers carrying out maintenance work on the blast furnaces.
China announced that it will continue to support structural reform in the steel industry in 2024 and stated that it will strictly control the increase of new steel capacity and accelerate the green transition. Steel demand in China is expected to decline by 1.7% in 2024, following a 3.3% decline in 2023.
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