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Although China''s major steel producing cities need to reduce production by 30% due to the production reduction policy, China still dominates the global steel market.
According to the mining giant Vale, because the price of iron ore decreased, the production will be reduced in the fourth quarter, and the output may further be cut by 12-15 million tons next year if prices are still weak.
In the long run, with limited green hydrogen steelmaking technology, the solution to global decarbonization is to increase the utilization rate of scrap steel.
China will continue to produce scrap steel, reaching a source volume of 300 million tons by 2025, including self-production of 240 million tons. Part of the source will certainly depend on imports.
As for the supply and demand of steel, with China''s production reduction, there will be a shortage of steel supply around the world next year.
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