[SMM Spotlight: The First Coarse Steel Production Reduction Document Implemented - What Impact on the Market?]

Recently, there has been constant news about steel industry production restrictions in 2024. On June 7th, five departments including the National Development and Reform Commission and the Ministry of Industry and Information Technology issued the "Special Action Plan for Energy Conservation and Carbon Reduction in the Steel Industry". The "Action Plan" proposed: 1. From 2024 to 2025, through the implementation of energy conservation and carbon reduction transformation in the steel industry and the replacement of energy-consuming equipment, an energy saving of approximately 20 million tons of standard coal and a reduction of carbon dioxide emissions of approximately 53 million tons will be achieved; 2. By the end of 2025, the utilization of scrap steel will reach 300 million tons, and the proportion of electric arc furnace steel production in total crude steel production will strive to increase to 15%...