Steel industry accelerates structural adjustment to meet growing demand

The pace of structural adjustment in the steel industry is accelerating to meet growing demand for steel in automobiles, shipbuilding, household appliances and emerging sectors such as wind and solar power, the China Iron and Steel Association said Monday.

The association’s latest data showed that the proportion of steel used in manufacturing increased from 42% in 2020 to 48% in 2023, with a further upward trend seen this year.

From January to July, production of long products decreased compared to the previous year, with a decrease of 13.4% for rebars and 2.9% for wire rods. In contrast, production of flat products continued to grow, with an increase of 10.6% for hot-rolled wide steel strips and 14.4% for cold-rolled wide steel strips.

According to the association, China is the world’s largest producer and consumer of steel. In 2023, China’s steel output reached 1.019 billion tons, accounting for about 54% of global output, while its steel consumption accounted for about 51% of the global total.