Steel industry focuses on high-quality development at summit

China's steel industry must adhere to high-quality development because it is faced with both opportunities and challenges due to domestic and external environment conditions, according to Qu Xiuli, deputy head of the China Iron and Steel Association.

"Next year, as the Chinese economy continues to grow, domestic steel demand is expected to be stable, but at the same time, the international trade environment is likely to remain complicated, and raw fuel and material prices will remain high," she said.

She made the remarks at the 16th China Steel Industry Chain Market Summit, held Friday and Saturday in Beijing.

Under direction from the China Federation of Logistics and Purchasing, Lange Steel and Beijing Metal Material Circulation Industry Association jointly hosted the summit, which was attended by more than 2,000 industry professionals, including representatives from steel mills, trading companies and user companies.

Focusing on steel industry development under the dual-circulation pattern, a group of government officials, senior economists and high-profile entrepreneurs attended the summit and delivered speeches.

On Nov 27, nine sub-summits were held to discuss issues in different areas of the steel industry, such as supply chain digitalization and innovation, construction material supply chain and long steel products industrial chain.

According to Qu, China's steel industry should tap the potential of new and high-end products to pursue high-quality development, as its size has become too big to grow exponentially.

The industry should also pay attention to innovation, including developing smart manufacturing and scientific innovation, as well as adhere to low-carbon and green development, she said.