Steel Demand Rebounds in China After Supply Surplus
China News
October 17, 2023
The Chinese steel industry, which faced a supply surplus amid sluggish demand during the first half of the year, is now showing signs of recovery. Official data reveals that China, as the world's largest steel producer, has produced over 700 million tons of crude steel in the first eight months of this year, marking a 2.6 percent increase compared to the same period last year. This uptick indicates a promising turnaround for the industry as it adapts to the changing market dynamics.