Posted on 03 Mar 2021
China’s National Bureau of Statistic (NBS) updated the country’s crude steel output for 2020 to 1.065 billion tonnes from the preliminary 1.05 billion tonnes, and the year-on-year growth, thus, had been revised to 7% from the original 5.2%, according to the latest release from NBS including all the updates regarding the country’s series of data about economic and industrial performance.
NBS usually reviews the annual statistics after having released the initial numbers in January and releases the up-to-date data to the public whenever deemed necessary, Mysteel Global understands.
China’s finished steel output remained unchanged at 1.3 billion tonnes for 2020, but the on-year incline has been revised to 10% from the original 7.7%, according to the latest release.
In NBS’ statistics, steel sold to the re-rollers and distribution centres in China for further processing is usually counted twice, causing higher volume in the country’s finished steel than the crude steel, and for 2020, the tonnage added into the finished steel data totalled 305.66 million tonnes, Mysteel Global noted.
In the latest release, NBS reaffirmed the data from the country’s National Administration of Customs regarding the country’s steel trade in that the country’s finished steel exports declined 16.5% on year to 53.7 million tonnes last year with the value down 14.8% on year to about Yuan 315 billion ($48.7 billion), while its finished steel imports rose 64.4% on year to 20.2 million tonnes with the value up 19.8% on year to Yuan 116.5 billion.
Despite the growths in China’s crude and finished steel production last year as well as the prevailing anticipation on the further increase in the domestic steel demand for 2021, China’s Ministry of Industry and Information Technology (MIIT) has expressed its determination to bring down the country’s steel output on year for 2021 as part of its efforts to reduce carbon emission, Mysteel Global noted.
The Chinese steel market is divided on the likelihood of the yearly decline in the country’s steel output this year, though many believe that the Chinese authorities will find ways to accomplish the mission.
Source:Mysteel Global
