-
China cuts 35mn t/yr of crude steel capacity in 2018
China has exceeded its crude steel capacity reduction target for 2018 by around 17pc. Steel mills eliminated 35mn t/yr of capacity last year against a target of 30mn t/yr, according to the government's 2018 work report, which will be presented at an annual conference of lawmakers in Beijing on Tuesday. Beijing had earlier indicated it may opt for a steel capacity reduction target of around 20mn t/yr for 2019, although it had achieved its 13th five-year economic plan, 2016-20 steel capacity reduction target of 150mn t/yr in 2018 itself. Steel capacity reduction since 2016 has partly contributed to rise in steel prices ... (full story)