China to Cut Crude Steel Output in Q2 2023

According to statistics, the output of crude steel in the first quarter of 2023 may exceed 15 million mt year-on-year. As the market generally predicts that the annual increase in steel demand will not exceed 10 million mt this year, the reduction of crude steel output is the most effective way to ensure the profits of steel mills. Judging from the production reduction rhythm, since the production in the second half of 2022 was low, the second quarter of 2023 may be a golden opportunity for the implementation of crude steel production reduction this year.