Is China Losing Its Dominant Position in the Global Steel Market

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China ニュース

Steel Industry,Overproduction,Iron Ore

China's steel industry faces a crisis marked by overproduction, falling demand, and government intervention, raising questions about its future dominance in the global market.

Via Metal Miner Amidst continuing reports of an economic downturn with little or no sign of improvement now comes a report that the Chinese Government has suspended the system allowing approval of new steel plants. It is a move that could have significant implications for the Chinese steel industry and global steel manufacturing as a whole.

Furthermore, the lack of concrete measures announced at China’s high-profile Third Plenum dimmed hopes that the country’s struggling property sector would recover from its downturn. In fact, just a few days ago, Hu Wangming, head of China Baowu Steel Group Corp., told employees at the company’s biannual meeting that conditions in the country were like a “harsh winter” that could become longer and colder and even more difficult.

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