According to the July World Steel Production Express Report released by the International Iron and Steel Institute (IISI) on the 24th, China’s crude steel production in July was 21,980,000 tons, an increase of 20.3% year-on-year. The Chinese government began to curb investment in the steel industry this spring. However, due to the strong demand for steel in the manufacturing industry, such as automobiles and home appliances, the production of existing steel mills remains at a high speed. Japan’s large steel companies are generally optimistic about the demand outlook in the Chinese market. In June, Japanese steel exports to China increased by 32% year-on-year. The Chinese government mainly restricts iron and steel enterprises with small scale and low production efficiency, and is still expanding production for steel plates for automobiles, ships, and home appliances that have a relatively high technological level. The increase in production of high-quality steel plates has led to an increase in the output of semi-finished crude steel. Due to a substantial increase in China's production, crude steel production in 62 countries and regions in the world reached 85,553,000 tons in July, an increase of 9% year-on-year, and surpassed the previous year's corresponding output for 31 consecutive months. Driven by the demand from the Chinese market, steel production in Asian countries such as Japan and Taiwan also maintained a relatively high level.
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