China's steel production declines in 2021

Steel production in China declined in 2021 as the country strives to meet its carbon reduction and carbon neutrality targets.

The country produced about 1.03 billion tonnes of steel last year, 35 million tonnes less than in 2020, the China Metallurgy and Steel Association said on Monday.

In the first 11 months of 2021, China's steel production reached 946 million tonnes, down 2.6% year on year.

The combined profit of the steel and metals industry rose 86.46% year on year to 351.7 billion yuan (about $ 55.25 billion) from January to November last year, as rising costs and demand pushed prices higher.

The association said the industry accelerated its green and low-carbon transition last year, resulting in significant reductions in energy consumption and sulfur dioxide emissions per tonne of steel produced.

This year, while investment in the real estate sector is expected to slow but investment in infrastructure will pick up, overall steel demand is likely to remain the same as last year, according to the association.