Caixin
Sep 05, 2022 07:51 AM
BUSINESS

Cover Story: China’s Steel Industry at a Crossroads as Long Winter Looms

China’s current steel production capacity is 1.2 billion tons a year, with annual consumption hovering around 1 billion tons.
China’s current steel production capacity is 1.2 billion tons a year, with annual consumption hovering around 1 billion tons.

For China’s steel industry, the world’s largest, winter has arrived early and it is shaping up to be one of the harshest in years with a slowing economy and escalation of the property market crisis tanking demand and evaporating profits.

The property sector, which accounts for over one third of the country’s steel consumption, has been squeezed by a liquidity crunch and sliding sales since the end of last year. This comes amid an ever-expanding mortgage boycott by disgruntled home buyers over stalled construction projects.

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