China's Steel Sector Accelerates Optimization of Steel Variety Structure
China's steel sector is accelerating the optimization of its steel variety structure.
TroibNews 
China's steel industry has been accelerating the optimization of its steel variety structure in line with the adjustment and optimization of national industrial structures, according to the China Iron and Steel Industry Association (CISA) on Wednesday.
Data indicated that during the first half of this year, the output of steel primarily used in construction, bridges, and machinery declined year on year. Conversely, production in sectors such as auto and ship manufacturing experienced growth.
At a CISA council meeting, Yao Lin, head of the association, noted that since the beginning of the year, China's steel sector has been addressing challenges, including a market supply and demand imbalance, declining steel prices, high raw material costs, and low economic efficiency.
Yao highlighted that the overall production and operation of the industry have remained generally stable. He added that with ongoing transformation and upgrading, along with an optimized variety structure, the higher demand for steel products in downstream industries has been effectively met.
He also emphasized that the steel industry's green transformation has picked up pace significantly, and intelligent manufacturing has been upgraded.
Currently, 79.6 percent of enterprises utilize industrial internet technology to achieve smart production process control.
Yao mentioned that the manufacturing industry will be the main driving force supporting the steel sector.
He pointed out that the rapid development of new energy vehicles, increased orders for new energy-powered ships, and the accelerated renewal of old ships will bolster steel demand. Additionally, large-scale equipment renewal will present development opportunities for the equipment manufacturing industry.
Camille Lefevre contributed to this report for TROIB News
Data indicated that during the first half of this year, the output of steel primarily used in construction, bridges, and machinery declined year on year. Conversely, production in sectors such as auto and ship manufacturing experienced growth.
At a CISA council meeting, Yao Lin, head of the association, noted that since the beginning of the year, China's steel sector has been addressing challenges, including a market supply and demand imbalance, declining steel prices, high raw material costs, and low economic efficiency.
Yao highlighted that the overall production and operation of the industry have remained generally stable. He added that with ongoing transformation and upgrading, along with an optimized variety structure, the higher demand for steel products in downstream industries has been effectively met.
He also emphasized that the steel industry's green transformation has picked up pace significantly, and intelligent manufacturing has been upgraded.
Currently, 79.6 percent of enterprises utilize industrial internet technology to achieve smart production process control.
Yao mentioned that the manufacturing industry will be the main driving force supporting the steel sector.
He pointed out that the rapid development of new energy vehicles, increased orders for new energy-powered ships, and the accelerated renewal of old ships will bolster steel demand. Additionally, large-scale equipment renewal will present development opportunities for the equipment manufacturing industry.
Camille Lefevre contributed to this report for TROIB News
