[Ferro-Alloys.com] China's crude steel output is expected to reach 980 million tonnes in 2019, an annual increase of 7 percent, said He Wenbo, Party chief of the China Iron and Steel Industry Association, on Sunday.
After a freefall, U.S. steel prices appear have bottomed out and are gaining some traction of late. Major U.S. steel mills have been raising prices over the past several weeks in a bid to reverse the downswing in domestic steel prices. Moreover, some of the U.S. steelmakers have recently taken steps to reduce excess capacity, partly through idling of plants, in the wake of falling prices. Capacity cuts have contributed to the recent decline in U.S. steel production.
China Baowu Steel Group, the nation's largest steelmaker, is seeking to strike a balance between solid growth and sustainable development through supply-side structural reform.