Speaking at the 5th China International Steel Forum held in Shanghai, Luo Tiejun, deputy director at the raw materials department of China's Ministry of Industry and Information Technology (MIIT), has stated that the ongoing power rationing measures affecting the domestic steel industry will probably just continue until the end of the year.
Mr. Luo also added that, in order to maintain the stability and consistency of current policies, the ministry suggests that no new stimulus or containment policies be launched which affect the domestic steel industry.
In early August 2010, the MIIT published a list of steel enterprises with outdated capacities, according to which 8.76 million mt of steel capacity is to be eliminated by the end of this year. The MITT official said the ministry is fairly confident that it will achieve this target.