Industry News
China's steel producers might accelerate production capacity due to stabilizing measures2023-08-18
In the first half year, China''s steel products exports were strong. In July, China''s steel product exports were about 7.31 million tons, increasing by 9.5% year on year. Meanwhile, the automobile exports totaled 392,000 tons, increasing by 35.1% year on year. However, the domestic steel products demand was weaker. In the first seven months, China''s fixed asset investment slightly increased by 3.4% year on year. Among them, investment in the infrastructure and the manufacturing industry went up by 6.8% and 5.7% year on year. However, investment in real estate went down by 8.5% compared to the same period a year ago.
In addition, the steel price went up previously, so the profit of products increased as well. Also, the market demand went up, which further stimulated steel enterprises'' production. Because China''s authority kept implementing measures to stabilize the economy, the demand was forecasted to resume, which further made some middle-large steel manufacturers accelerate their production capacity.
