Rising demand speeds up steel industry's recast

Structural adjustment in China's steel industry is accelerating to meet rising demand for steel from the automotive, shipbuilding and home appliance industries as well as emerging sectors like wind and solar power, said the China Iron and Steel Association recently.

Latest data from the association showed that the proportion of steel used in manufacturing had increased from 42 percent in 2020 to 48 percent in 2023, with a further uptrend observed this year.

From January to July, production of long products fell year-on-year, with rebar down by 13.4 percent and wire rods down by 2.9 percent. In contrast, production of flat products continued to grow, with hot-rolled wide steel strips up by 10.6 percent and cold-rolled wide steel strips up by 14.4 percent.