2020 China Steel Production Completed at 1.065 Billion Tonnes

China's National Bureau of Statistics (NBS) updated the country's crude steel production for 2020 to 1.065 billion tonnes from a preliminary 1.05 billion tonnes, and the annual growth was thus revised to 7% from an initial 5.2%. according to the latest NBS release, including all updates regarding the country's economic and industrial data series.

Mysteel Global understands that NBS generally reviews its annual statistics after the initial January figures are released and releases updated figures when deemed necessary.

China's finished steel production remained unchanged at 1.3 billion tonnes in 2020, but according to the latest report, the annual slope has been revised to 10% from an initial 7.7%.

In NBS statistics, steel sold to transhipment machines and distribution centers in China for further processing is usually counted twice, resulting in the country's finished steel volume exceeding that of untreated steel, and for 2020, tonnage is added to the finished steel data. amounted to 305.66 million tons, said Mysteel Global.

The latest NBS release confirmed data from the country's National Customs Administration on steel trade in the country, according to which exports of finished steel fell 16.5% year-on-year to 53.7 million tonnes last year, with value down 14.8 % year on year to about RMB. 315 billion ($ 48.7 billion), while imports of finished steel rose 64.4% to 20.2 million tons, and the value increased 19.8% to 116.5 billion yuan.

Despite an increase in crude and finished steel production in China last year, and prevailing expectations for a further increase in domestic steel demand in 2021, China's Ministry of Industry and Information Technology (MIIT) has expressed its determination to reduce the country's steel production. Mysteel Global noted that as part of efforts to reduce carbon emissions by 2021.

The Chinese steel market is divided over the likelihood of an annual decline in the country's steel production this year, although many believe the Chinese authorities will find ways to fulfill this mission.