China closed more than 700 steel plants

According to the CISA, China has closed 727 plants producing low-quality steel from scrap metal in China in recent months.

The Chinese government in November last year, decided to exclude these businesses by the end of June. A list of companies producing steel of inferior quality or with a very strong environmental impact has been created. Topping the list is Liaoning Province, where 66 factories were closed, followed by Jiangsu and Sichuan, which closed 63 sites. In Zunnan provinces, Shandong, Hebei and Fujian have closed more than 30 each.

The production capacity of the closed plants is not indicated, but according to official data, in the first half of this year it decreased by 120 million tons.

The Chinese authorities have been trying for some time to turn off the worst and most environmentally burdensome stoves (instead of building modern and efficient ones on this site), but the price increase that took place in the Chinese market last year prompted some companies to restart the stoves that were previously shut down.