Steel industry accelerates structural adjustment to meet growing demand

The pace of structural adjustment in the steel industry is accelerating to meet the rising demand for steel in the automotive, shipbuilding, home appliance, and emerging sectors such as wind and solar power, said the China Iron and Steel Association on Monday.

Latest data from the association showed that the proportion of steel used in manufacturing has increased from 42 percent in 2020 to 48 percent in 2023, with a further upward trend 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.

China is the world's largest steel producer and consumer, according to the association. In 2023, China's steel output reached 1.019 billion metric tons, accounting for about 54 percent of global production, while its consumption of steel represented about 51 percent of the global total.