China's steel industry expects balanced supply, demand

China's steel industry is expected to see roughly balanced supply and demand in 2023, thanks to the steady recovery of the Chinese economy, according to a senior official of China's top steel industry association.

He Wenbo, executive chairman of the China Iron and Steel Association, said in a recent industry conference held by the association that the recovery in consumption and investment will shore up demand for steel in 2023, although slowdown in real estate and goods exports in the manufacturing industry are likely to have some impact on the steel demand rebound.

He also said investment in new production capacity by steel enterprises declined 29 percent year-on-year in 2022, while their investment into energy saving and environmental protection increased 12 percent from a year ago.

Investment into steelmaking optimization, product quality improvement and new product research increased 14 percent on a yearly basis in 2022, he said.

liuzhihua@chinadaily.com.cn