China plans to reach 2020 steel cut target this year

China is set to meet its 2020 target of steel production cuts in 2018, two years ahead of schedule, the industry ministry said in a statement.

The original plan called for a reduction of 150 million tonnes of metal products by 2020.

However, the world's largest producer will face greater pressure to tackle excess capital as high prices weaken steel companies' willingness to cut capacity, the Industry and Information Technology Ministry said in a statement.