China pledges to ensure crude steel output falls as aims to cut carbon
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Monday
January 30, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
MONDAY, JANUARY 30, 2023
China pledges to ensure crude steel output falls as aims to cut carbon

South Asia

Reuters
01 April, 2021, 04:15 pm
Last modified: 01 April, 2021, 04:18 pm

Related News

  • A subsidy war without winners
  • China central bank to roll over lending tools to spur growth
  • China approves two domestically developed Covid drugs
  • China's 2022 smartphone shipments the lowest in 10 years, research firm says
  • China aims to boost consumption and imports as global demand cools

China pledges to ensure crude steel output falls as aims to cut carbon

Last year, the imports of steel products rose 64% and billets surged by nearly 500%, but the country’s steel output also hit record levels as industrial activity roared back to life following pandemic shutdowns

Reuters
01 April, 2021, 04:15 pm
Last modified: 01 April, 2021, 04:18 pm
Chinese flag Photo: Collected
Chinese flag Photo: Collected

China will ensure its crude steel output falls in 2021 and launch a nationwide investigation into the implementation of steel capacity cuts since 2016, industry regulators said on Thursday, as the country aims to meet goals to curb emissions.

China, the world's top steel producer, started a campaign to eliminate outdated and excess capacity in the ferrous sector since 2016.

Last year, the imports of steel products rose 64% and billets surged by nearly 500%, but the country's steel output also hit record levels as industrial activity roared back to life following pandemic shutdowns.

China's National Development and Reform Commission (NDRC) and the Ministry of Industry Information Technology (MIIT) said in a statement they will jointly investigate excess steel capacity and the construction and production of steel smelting projects.

"Since 2016... the reduction of steel capacity has achieved significant results, but some deep-rooted contradictions have not been solved fundamentally," the authorities said in a statement.

They also said they would promote high-quality development over quantity after some companies had "an impulse" to construct steel projects blindly, as industrial output recovers from the impact of the pandemic, that is undermining capacity cuts.

China says it had cut 150 million tonnes of capacity and 140 million tonnes low-grade steel in the last five years. However, its annual crude steel output has set a record for four straight years and hit 1.065 billion tonnes in 2020.

The inspections will include self-rectification by each local government, on-site checks and a summary report, Thursday's statement said.

The authorities will focus on cutting crude steel output at outdated mills with poor environmental performance and ensure 2021 crude steel outputs fall from the previous year as China's strives for long-term carbon neutrality.

China's top steelmaking city Tangshan has already urged long-processing steel producers to cut output by 30%-50% this year, sending futures prices of rebar and hot rolled coil to over 5,000 yuan per tonne records.

World+Biz

china / Carbon emission

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: Collected
    Economic slump drags down growth in VAT collection from big cos
  • It's corruption that bites business harder: CPD
    It's corruption that bites business harder: CPD
  • Foreign Minister of Argentina Santiago Cafiero with Bangladeshi Foreign Minister Abdul Momen. File Photo: Bangladesh Ministry of Foreign Affairs
    Argentina set to open embassy in Bangladesh on 27 Feb

MOST VIEWED

  • FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Picture taken April 2, 2014. REUTERS/Amit Dave/File Photo
    India's Adani hits back at Hindenburg, insists made full disclosure
  • People wait for their turn to get fuel at a petrol station, a day after a country-wide power breakdown, in Peshawar, Pakistan, January 24, 2023. REUTERS/Fayaz Aziz
    Pakistan govt lifts petrol, diesel prices by 35 rupees a litre
  • Photo: Collected
    Ten children killed in northwest Pakistan boat capsize
  • FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo
    India's Adani says $2.5 bln share sale on track even as bankers mull changes
  • People rescuing the victims. Photo: BSS/AFP
    40 killed in southwest Pakistan bus crash
  • Sri Lanka's President Ranil Wickremesinghe looks on during an interview with Reuters at Presidential Secretariat, amid the country's economic crisis, in Colombo, Sri Lanka August 18, 2022. REUTERS/ Dinuka Liyanawatte/File Photo
    Sri Lanka leader suspends parliament until policy address

Related News

  • A subsidy war without winners
  • China central bank to roll over lending tools to spur growth
  • China approves two domestically developed Covid drugs
  • China's 2022 smartphone shipments the lowest in 10 years, research firm says
  • China aims to boost consumption and imports as global demand cools

Features

Photo: Courtesy

The Hawkers: Where minimalism meets motifs

2h | Brands
Illustration: TBS

Where do Shariah-compliant mutual funds stand in Bangladesh

1h | Panorama
Sketch: TBS

A subsidy war without winners

1h | Panorama
Photo: Collected

Oppo Reno 8T first look revealed!

2h | Brands

More Videos from TBS

Pakistan plunges into economic mess

Pakistan plunges into economic mess

24m | TBS World
Shahrukh's 'Pathaan' has been making records ever since its release

Shahrukh's 'Pathaan' has been making records ever since its release

29m | TBS Entertainment
How will Bangladesh pay for massive upcoming power projects this year?

How will Bangladesh pay for massive upcoming power projects this year?

29m | TBS Insight
Sarika Sabrin is waiting for a good film

Sarika Sabrin is waiting for a good film

16h | TBS Entertainment

Most Read

1
Picture: Collected
Bangladesh

US Embassy condemns recent incidents of visa fraud

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

4
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

5
A frozen Beyond Burger plant-based patty. Photographer: AKIRA for Bloomberg Businessweek
Bloomberg Special

Fake meat was supposed to save the world. It became just another fad

6
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]