中文
China's long-term strategy for steel production primarily centers around meeting domestic demand, a spokesperson with the Ministry of industry and Information technology said on November 15, dismissing claims of excess capacity leading to trade disputes.
The country's crude steel production reached 795 million tonnes over January-September this year, marking a 1.7% year-on-year increase, according to the National Bureau of Statistics. The whole-year output is expected to remain relatively stable compared with the year-ago level.
Despite a downturn in the construction sector due to slowdown of the real estate market, the manufacturing industry's steel consumption has continued to grow, contributing to the overall stability of China's steel consumption, the spokesperson said.
He stressed China's steadfast commitment to satisfying domestic demand, with the country's steel export ratio consistently at around 5%, significantly lower than other steel-producing nations such as Japan and South Korea.
The growth in China's steel exports is attributed to enterprises' actively participation in international competition in adherence to market-oriented principles, the spokesperson stated. "China discourages steel exports, and any increase is a reflection of its market competitiveness."
Furthermore, the decline in steel prices is identified as a global phenomenon, with the global economic slowdown, high inflation in some western countries, and slower-than-expected global steel demand recovery putting downward pressure on steel prices.
China's steel export price averaged $985.7/t during the first nine months, a 32.2% year-on-year- slump, customs data showed. However, it remained comparable to other global markets.
In September, the price of hot-rolled coil in the U.S. was $786.5/t, a 38.34% decrease from the peak in April ($1,275.5/t), while the EU witnessed a 26.05% decrease in hot-rolled coil prices from April ($934/t) to $690.7/t in September.
The spokesperson emphasized claims of excess capacity causing trade disputes lack a factual basis and objectivity.
(Writing by Emma Yang Editing by Harry Huo)
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