China's daily steel production will continue to decline

According to the Ministry of Industry and Information Technology (MIIT), China's average daily crude steel production in October 2021 hit a record low since 2018 amid the country's drive to reduce carbon emissions and accelerate the green transformation of the steel industry.

Last month, China's crude steel production fell 23.3 percent year on year to 71.58 million tonnes, with an average daily production of about 2.31 million tonnes, down 6.1 percent from the previous month, according to the report. MIIT data.

In the first 10 months of the year, the country produced 877 million tons of crude steel, which is 0.7 percent less than a year earlier.

Steel prices in China have plummeted recently, driven by factors including lower fuel prices. Data from the China Iron and Steel Industry Association showed that steel prices fell to early March levels this year.

In 2020, China's steel production grew 5.2 percent year on year to over 1.05 billion tonnes. As part of the green transition of its energy-intensive steel industry, the country has pledged to cut production in 2021 from a year earlier.