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Many countries facing large influx of steel due to China's overcapacity-The 20th China (Guangzhou) Int’l Spring Industry Exhibition
1/3/2019 弹簧展- Spring Industry Exhibition-Spring expo |
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According to the World Steel Association, the production of steel from China accounted for more than half of global steel production. Due to China''s overcapacity and continued increase, coupled with weak domestic demand, China''s steel prices have fallen. China has turned to a large number of exports and become one of the factors that made the international market unstable.
In the face of China''s influx of low-cost steel, many countries began to reduce imports from China to protect domestic steel business, such as the EU resolution to extend China''s construction steel import tariff and Mexican import tariffs imposition. Besides, U.S. Steel and Nucor Steel accused that the price of the products imported from China was too low.
According to the data, China''s crude steel output in 2014 reached 823 million tons roughly, accounting for 49.5% of global production. China''s steel exports in April reached around 8.5 million tons, an increase of 10.9%. Therefore, governments from every countries have appealed to solve the problem of global overcapacity.
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