Hot rolled steel production in China reached 172.696 million tons in January-October 2023, up 13.2% compared to the same period last year. In the same period, cold-rolled steel production increased by 4.1% to 32.275 million tons.
According to data from China's National Bureau of Statistics (NBS), hot-rolled steel production in October reached 17.145 million tons, up 14.1% year-on-year. However, it fell by 3.52% on a monthly basis. Cold-rolled steel output rose 9.4% year-on-year to 3.59 million tons, but fell 2.31% month-on-month.
These data show that China's steel sector is experiencing steady growth. While the high production figures in the January-October period of this year indicate that the country is making progress in its economic recovery and steel demand is increasing, the monthly declines indicate that there are fluctuations in the global steel market and some slowdown in demand.
Increasing steel production in China has an impact on the global steel industry. Both the increase in demand and China's low-cost production determine the competition in the global steel market.
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