The China Metallurgical Information & Standardization Institute (CMISI) has a positive outlook for the country’s steel market amid strong demand from a transformation of domestic steelmaking facilities and production curbs.
“China’s steel market looks positive for this and next year due to robust demand and production reduction. Building furnaces is going to consume a lot of steel,” Zhang Longqiang, the head of the institute, said at the 2021 China Iron & Steel Industry Information Forum in Kunming, Yunnan province on Thursday July 22.
Zhang expects a turning point for the market to emerge only in the second half of 2023. An easing of production curbs will likely have a “significant” effect on the steel market, he added.