Steel production down in 2022

China’s steel output in 2022 fell 2.2 percent year-on-year to about 1.01 billion tons. The economic slowdown and the ongoing slump in the real estate sector have curbed demand, the business magazine Caixin reported Tuesday, citing Qu Xiuli, Vice Chairman of the China Iron and Steel Association (CISA). Steel prices fell due to weak demand, the paper said, adding that the average value of CISA’s price index fell 13.6 percent year-on-year from January to November. This squeezed profit margins amid persistently high raw material prices. The combined net profit of CISA members slumped 72.5 percent to 98.3 billion yuan, Qu said at an industry event.