China to Close 7.8 Mln T of Outdated Steel Capacity in 2013-Shanghai Metals Market

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China to Close 7.8 Mln T of Outdated Steel Capacity in 2013

Industry News 10:41:44AM Apr 12, 2013 Source:SMM

BEIJING, April 11 (Reuters) - China aims to shut down 7.8 million tonnes of outdated steel capacity this year as part of its plans to consolidate and upgrade the sprawling and chaotic sector, the country's industry ministry said in a statement on Thursday.

The steel closure target is the same as the one set in 2012, with the government keen to tackle chronic overcapacity problems in the industry.

According to industry estimates, total crude steel capacity now exceeds 900 million tonnes, compared to last year's output of 716.5 million tonnes.

The statement, published on the ministry's website (www.miit.gov.cn), also said that China would eliminate 14.05 million tonnes of coking coal capacity, 1.725 million tonnes of ferroalloy, and 273,000 tonnes of aluminium in 2013.

In addition, China would also endeavour to shut 665,000 tonnes of copper, 879,000 tonnes of lead and 143,000 tonnes of zinc smelting capacity this year.

 

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#1 Refined Cu
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46915.0
-70.0
(-0.15%)
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46905.0
-75.0
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-65.0
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46875.0
-60.0
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China to Close 7.8 Mln T of Outdated Steel Capacity in 2013

Industry News 10:41:44AM Apr 12, 2013 Source:SMM

BEIJING, April 11 (Reuters) - China aims to shut down 7.8 million tonnes of outdated steel capacity this year as part of its plans to consolidate and upgrade the sprawling and chaotic sector, the country's industry ministry said in a statement on Thursday.

The steel closure target is the same as the one set in 2012, with the government keen to tackle chronic overcapacity problems in the industry.

According to industry estimates, total crude steel capacity now exceeds 900 million tonnes, compared to last year's output of 716.5 million tonnes.

The statement, published on the ministry's website (www.miit.gov.cn), also said that China would eliminate 14.05 million tonnes of coking coal capacity, 1.725 million tonnes of ferroalloy, and 273,000 tonnes of aluminium in 2013.

In addition, China would also endeavour to shut 665,000 tonnes of copper, 879,000 tonnes of lead and 143,000 tonnes of zinc smelting capacity this year.