Reported about 2 months ago
In response to a significant demand slump and plunging profits in the steel industry, China has suspended its approval system for new steel plants. This measure comes as steel exports surge, highlighting the struggles mills face in the domestic market. Amid a declining demand for steel, which has dropped over 10% since 2020, analysts warn that more drastic actions are necessary to address the issue of overcapacity. The Chinese government plans to develop a new program to manage production capacity in the industry.
Source: YAHOO