China’s steel industry has continued to see growth in the first quarter of 2023, with industrial data showing an expansion in output. According to the China Iron and Steel Association (CISA), crude steel output increased by 6.1% year-on-year to reach 262 million tonnes during the January-March period. Pig iron output also rose by 7.6% from a year earlier to 220 million tonnes during the same period. The output of rolled steel registered a year-on-year increase of 5.8% to 333 million tonnes, as per the CISA data.
In March alone, crude steel output reached 95.73 million tonnes, up by 6.9% compared to the same period last year. The daily output also surpassed 3.08 million tonnes, according to the CISA. Additionally, pig iron output gained 7.3% year-on-year to hit 78.07 million tonnes in March, while rolled steel output increased by 8.1% compared to the same period last year.
China is the world’s largest producer and consumer of steel, and this growth in output indicates a sustained demand for steel both domestically and globally. However, the steel industry is also one of the largest contributors to carbon emissions, and China has pledged to reduce its carbon footprint. As such, it remains to be seen how China’s efforts to reduce carbon emissions will impact the growth of its steel industry.