China's crude steel output fell significantly in May, as companies in the sector continued to reduce production, in line with the Chinese government's efforts to limit supply in the market. Data from the National Bureau of Statistics indicated that crude steel production fell 6.9% year-on-year to 86.55 million tons, following an unexpected decline in April. Total production from January to May reached 431.63 million tons, a 1.7% decrease compared to the same period in 2024, according to Reuters. This decline follows Beijing's announcement in March of plans to restructure the steel sector, which includes production cuts this year, although precise details regarding the timing or extent of the anticipated cuts have not yet been disclosed.
