During the year, China produced about 119.95 million tons of steel products. Demand was high from January to March, so there was an increase in price. And in order to resolve the issue of supply and demand, Chinese metal producers reduced steel production in April and increased product prices. However, the supply of steel was excessive, causing prices to fall in April. The Chinese government plans to cut steel production in the second half of 2023.
According to the International Monetary Fund (IMF), China's GDP growth is expected to increase to 5.2% in 2023. However, the fall in imports and the slow increase in exports significantly affect the Chinese economy.
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