2021's severe Chinese steel industry crisis exceeds previous downturns due to property downturn, weak factory activity, and falling domestic demand, leading to mill losses and plummeting steel prices.

China's steel industry faces a severe crisis more significant than previous downturns in 2008 and 2015, warns China Baowu Steel Group Corp, the world's largest steel producer. The crisis, likened to a "harsh winter," is expected to be longer and more challenging due to a property downturn, weaker factory activity, and falling domestic demand, leading to mill losses and plummeting steel prices. The steel industry giant advises employees to preserve cash and minimize risks, while exports are on track to reach 100 million tons, the highest since 2016.

August 14, 2024
16 Articles