'Two Sessions': China to maintain steel output control, industry restructuring in 2025

China will continue implementing crude steel output control and promoting industry restructuring this year to advance the high-quality development of the steel sector, Mysteel Global learned from a government report on the draft plan for national economic and social development in 2025 released on Wednesday during the highly anticipated Two Sessions meetings.

China's "Two Sessions" -- the annual meetings of the National People's Congress and the National Committee of Chinese People's Political Consultative Conference -- began on Tuesday in Beijing.

China first implemented its crude steel production reduction plan in 2021, following a record-high output in 2020. The initiative aimed to curb carbon emissions and optimize the industrial structure of the steel sector.

In May 2024, China issued a detailed action plan for energy conservation and carbon emission reductions for 2024-2025, committing to tighter control over steel capacity and output while strictly enforcing capacity-swap policies. And in August, China suspended the capacity-swap scheme to revise the guidelines, as Mysteel Global reported.

China's total crude steel production declined by 1.7% year on year, reaching 1.005 billion tonnes in 2024.

Written by Carly Chen, chenziyi@mysteel.com

Edited by Vivian Yang, yangzhenqi@mysteel.com