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China to cut steel capacity doesn’t mean to lower production-The 18th China(Guangzhou ) Int’l Casting product Exhibition
5/16/2017 casting expo-Die-casting expo-foundry expo |
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It is reported that China strives to cut millions of tons of excess steel capacity but it doesn’t mean will reduce production in the next few quarters, said by the head of the European Steel Association (Eurofer) on last Wednesday.
Early last year, China promised to cut 150 million tons of capacity by 2020. Along with rising steel trade barriers and infrastructure spending increased that helped global steel prices hiked about 45% since December 2015. Almost 50% of global steel production comes from China.
Nevertheless, China has cut 65 million tons of capacity in 2016 and plans to cut another 50 million tons this year, even though it has nearly half of 800 million tons of world spare capacity.
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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