China’s crude steel production shrank 2% y-o-y to 1,005 million tonnes (mnt) in CY’24 against 1,020 mnt in CY’23, according to data maintained with BigMint. Notably, although output stood at its lowest in five years, since 2019’s 996 mnt, the figure remained above the one-billion-tonne mark, as has been the norm since 2020. Since CY’21, a range of factors, including an ailing property sector, subdued demand, and tumbling steel mill margins, has induced an atmosphere of gloom in China’s steel industry.
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