Caixin
Apr 25, 2022 08:10 PM
BUSINESS

China’s Steel Industry Is In for Slower Growth, Ministry Official Says

Steel products are stockpiled at an industrial site in Yuncheng, North China's Shanxi province, on April 13. Photo: VCG
Steel products are stockpiled at an industrial site in Yuncheng, North China's Shanxi province, on April 13. Photo: VCG

China’s steel market has entered a period of slower growth due to weakened supply and demand from domestic Covid-19 flare-ups and conflicts overseas, a ministry official said.

Chen Kelong, the Ministry of Industry and Information Technology’s (MIIT) point man for the raw materials sector, suggested at a conference Saturday that the government should help maintain reasonable steel prices to ensure that manufacturers down the production chain can still make a profit.

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