On December 3rd, inspector Xiong Bilin of the Department of Industry Coordination of the National Development and Reform Commission stated at the press conference that from January to October, China had cumulatively produced 472 million tons of crude steel, a year-on-year increase of 10.5%; while global crude steel production during the same period was 982 million tons, which was a year-on-year decrease. 13.5%. The utilization rate of China's steel production capacity is 75.8%, which is 2.4 percentage points lower than the global average. At the same time, there is a huge capacity under construction and proposed capacity.
Xiong Bilin said that China’s steel industry currently has 660 million tons of production capacity, and another 58 million tons are under construction. The cumulative production capacity will exceed 700 million tons. Under such circumstances, if the project of 10 million tons of fine steel such as Zhanjiang Port is started, it may be detrimental to the development of the steel industry.
In addition, Xiong Bilin also disclosed that 70 key large and medium-sized enterprises in China have turned deficits since May, with profit from July to August exceeding RMB 10 billion, and cumulative profits from January to October totaling RMB 37.585 billion. The overall operating conditions of enterprises are better than those at the beginning of the year.
Xiong Bilin said that China’s steel industry currently has 660 million tons of production capacity, and another 58 million tons are under construction. The cumulative production capacity will exceed 700 million tons. Under such circumstances, if the project of 10 million tons of fine steel such as Zhanjiang Port is started, it may be detrimental to the development of the steel industry.
In addition, Xiong Bilin also disclosed that 70 key large and medium-sized enterprises in China have turned deficits since May, with profit from July to August exceeding RMB 10 billion, and cumulative profits from January to October totaling RMB 37.585 billion. The overall operating conditions of enterprises are better than those at the beginning of the year.
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