China's steel sector maintains steady operations in first three quarters

This aerial photo taken on July 22, 2023 shows a warehouse of Shougang Jingtang United Iron &Steel Co., Ltd. in Tangshan, north China's Hebei Province. (Xinhua/Zhu Xudong)

BEIJING, Oct. 24 (Xinhua) -- China's steel industry maintained steady operations in the first three quarters of 2023, marked by an increasing output and improved structure, the China Iron and Steel Association (CISA) said on Tuesday.

"Rising steel demand from domestic manufacturers and expanding steel exports were the main factors underpinning the output growth during the first three quarters of the year," said Jiang Wei, an official with CISA.

The structure of China's steel industry improved during the period, as the demand for high-end steel continued to increase in sectors such as shipbuilding, auto manufacturing, home appliance, and photovoltaic power. The exports of high-value-added steel products also gained a greater share in the country's total exports, Jiang said.

China's steel consumption saw a decline of 1.5 percent year on year in the first nine months of 2023, according to CISA estimates. "The contraction in steel consumption owes much to the slowdown in new-home construction," Jiang said.

Looking forward, Jiang said steel demand will very likely pick up, thanks to brisker manufacturing activities, the rapid growth of new energy industries and the supporting role of infrastructure.