Steel enterprises have received notice from the provincial government to require them to control the steel output so as not to exceed the volume recorded in last year, as reported by local media.
Accordingly, Jiangsu province has to reduce its crude steel output by 8.12 million mt in the second half of the current year, aiming to meet the target of the steel output reduction for the year. At the same time, the reduction in July has been less than what market players expected for, signaling the pressure for the August-December period will be heavier.
In the first half this year, Jiangsu’s crude steel output amounted to 63.58 million mt, up 12.77 percent year on year.