Steel China expected to have produced nearly 1 billion tons of steel in
2019
To put that figure
in perspective, the entire world only made 850.1 tons of steel back in 2000,
according to the World Steel Association. “Steel consumption in 2019 is better
than expected, mainly due to rapidly growing infrastructure investment and real
estate development, while industrial production is also generally stable,” Li
Xinchuang, president of the China Metallurgical Industry Planning and Research
Institute, told the South China Morning post. As its steel production has
ramped up to historically unprecedented levels, China has become the world's
largest exporter of steel. The European Union, the United States, India and
many other counties have since imposed tariffs on Chinese steel on the grounds
that it is often heavily subsidized and sold for less than fair market value,
even at a loss with an eye toward long-term market share, depressing steel
prices around the world.Last year, China produced 928.3 million tons of steel —
more than 10 times the 86.7 million tons made in the United States,
according to the
World Steel Association.China forecasts a slight slowdown in steel output next
year, when it projects it will only make 981 million tons.
Source: metal
junction