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<ul><li>China’s steel market has entered a period of slower growth due to weakened supply and demand from domestic Covid-19 flare-ups and conflicts overseas, a ministry official said.</li><li>As China confronts its worst Covid outbreak since April 2020, the steel inventories of major producers hit a <a href="https://www.caixinglobal.com/2022-04-15/chinas-steel-stockpiles-swell-as-covid-crimps-demand-and-curtails-deliveries-101871009.html" target="_blank" rel="noopener">two-year high</a> of 18.5 million tons earlier this month, as pandemic controls curbed demand and disrupted transportation.</li><li>On the supply side, China’s crude steel output fell 10.5% year-on-year in the first quarter of 2022, while the added value of China’s ferrous metal smelting and processing industry slid 2.4% year-on-year, according to figures from the National Bureau of Statistics (NBS).</li></ul>

China’s steel market has entered a period of slower growth due to weakened supply and demand from domestic Covid-19 flare-ups and conflicts overseas, a ministry official said.As China confronts its worst Covid outbreak since April 2020, the steel inventories of major producers hit a two-year high of 18.5 million tons earlier this month, as pandemic controls curbed demand and disrupted transportation.On the supply side, China’s crude steel output fell 10.5% year-on-year in the first quarter of 2022, while the added value of China’s ferrous metal smelting and processing industry slid 2.4% year-on-year, according to figures from the National Bureau of Statistics (NBS).

China’s Steel Industry Is In for Slower Growth, Ministry Official Says