NBS Increases China’s 2020 Crude Steel Output
MySteel reported that China’s National Bureau of Statistic has updated China’s crude steel output for 2020 to 1.065 billion tonnes from the preliminary 1.05
MySteel reported that China’s National Bureau of Statistic has updated China’s crude steel output for 2020 to 1.065 billion tonnes from the preliminary 1.05 billion tonnes announced on 18 January, increasing YoY growth to 7% from 5.2%. China’s finished steel output in 2020 remained unchanged at 1.3 billion tonnes for 2020, but YoY growth is increased to 10% from earlier 7.7%
NBS also reaffirmed the data from National Administration of Customs regarding the country’s steel trade in that the country’s finished steel exports declined 16.5% YoY to 53.7 million tonnes in 2020 with the value down 14.8% YoY to about Yuan 315 billion (USD 48.7 billion), while its finished steel imports rose 64.4% YoY to 20.2 million tonnes with the value up 19.8% YoY to Yuan 116.5 billion.
Mysteel noted “Despite the growths in China’s crude and finished steel production last year as well as the prevailing anticipation on the further increase in the domestic steel demand for 2021, China’s Ministry of Industry and Information Technology has expressed its determination to bring down the country’s steel output on year for 2021 as part of its efforts to reduce carbon emission. The Chinese steel market is divided on the likelihood of the yearly decline in the country’s steel output this year, though many believe that the Chinese authorities will find ways to accomplish the mission.