China's crude steel production in 2022 fell by 2.1%, or 21.73 million tons, compared to 2021 to 1.013 billion tons, the second consecutive annual decline, according to data from the National Bureau of Statistics of China from January 17.
According to some reports, China will continue to curb the growth of steel production in 2023, which will support the rolled metal market, as demand is unlikely to improve significantly in 2023.
Rough steel production in December in China fell by 9.8% compared to the same period last year to 77.89 million tons, which means an increase in daily smelting by 1.1% to 2.513 million tons.
In December, iron production in China fell by 4.6% compared to the same period last year to 69 million tons. Daily pig iron production also decreased by 1.8% month-on-month to 2.226 million tons.
In 2022, pig iron production decreased by 0.8%, or 6.97 million tons, compared with the previous year, to 863.83 million tons.
Some market participants expected that the production of crude steel in China will continue to decline in January-February, mainly due to the off-season.
Some Steel production could recover between the end of February and March, sources said. However, the recovery in steel demand this spring is likely to be modest and should increase pressure on steel prices by then, they added. , decreased by 44.3% compared to the same period last year. In 2022, new home construction, the most important driver of China's steel demand, decreased by 39.4% year-on-year.
China's annual infrastructure investment growth reached 14.3% in December %. Total investment in infrastructure in 2022 increased by 9.4% compared to the previous year.
China's economy will improve significantly this year, and its growth rate is likely to return to its usual levels. Vice Premier of the State Council of the People's Republic of China Liu He said today at the annual meeting of the World Economic Forum 2023.
Over the past 10 years, China's GDP has grown from 54 to 121 trillion yuan, and the average life expectancy of the population has increased from 74. 8 to 78.2 years, while the country's contribution to global economic growth reached about 36%, said Liu He.