China's MIIT puts hold on steel capacity replacement programs

On August 23, China's Ministry of Industry and Information Technology (MIIT) announced a halt on new steel capacity replacement programs.

Starting immediately, all regions are required to suspend any new announcements related to steel capacity replacement. If not, they will be considered a violation of regulations concerning additional steel production capacity and will be flagged as negative examples.

The MIIT stated that it will collaborate with relevant parties to expedite the review and revision of steel capacity replacement methods. This effort aims to further enhance the associated policies and measures. The Ministry also mentioned that new methods will be issued and implemented after consulting with stakeholders and gathering their feedback.