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World News
Chinese steel production fell - good for global steel industry
Feb 28, 2015 17:16:08
China is the largest steel producer. It’s also the largest steel consumer. It accounts for almost half of the global steel consumption.
In January, China’s steel production fell 4.7% on a year-over-year. This is in sharp contrast to previous years. China has been the global steel industry’s growth engine. Chinese steel consumption was growing at a much faster pace—compared to rest of the world.
Steel imports
The fall in Chinese steel production could be a positive sign for the steel industry. China has been producing steel in excess of its domestic demand for several years. Steel exports from China reached record highs due to the overproduction.
In China, the overproduction made it the biggest steel exporting country. Steel companies across the globe are crying foul over steel imports from China. Last year, steel companies—like U.S. Steel Corp. (X), AK Steel (AKS), ArcelorMittal (MT), and Steel Dynamics (STLD)—filed several trade cases against steel imports.
China plans to reduce its steel production capacity. If China takes some actions in this direction, it would be positive for the global steel industry.
Source: Market Realist