Australia expects the reduction of steel production in China in 2019

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The Australian Ministry for Industry, Innovation and Science expects steel production in China to reach a peak of 886 million tons in 2018, and then to decline in 2019 to 861 million tons due to weaker domestic demand, which will be observed in 2020. According to the ministry, this will lead to a decrease in steel production in the country to 842 million tons in 2020. The ministry’s quarterly report notes that the downward trend in the Chinese steel industry may affect the situation in the world market, since China accounts for half of global steel production. However, the ministry expects a stable state of steel production in the world in 2020 due to increased production outside China.

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