Xia Nong, vice president of the China Iron and Steel Association (CISA), attended the recent China Stainless Steel Industry Annual Conference & China Stainless Steel Industry Development Summit held in Foshan, Guangdong Province, during which he stated that the stainless steel industry has continued to expand its production capacity over the past few years, resulting in intense competition due to product homogenization. He also said that the stainless steel industry has a relatively high concentration, which gives it the potential to take the lead in the steel sector in curbing “involution” (excessive and self-defeating competition) and strengthening self-regulation.
The CISA official suggested that the stainless steel industry should avoid involution, keep advancing technological innovation, promote energy-saving and environmental-protection retrofits and cultivate the domestic market and promote the coordinated development of the industrial chain.