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Chinese domestic authorities are in discussions to implement tighter targets on crude steel production across the country, in a bid to reduce energy consumption and carbon emissions, Fastmarkets understands.
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The Fujian provincial government issued a notice to local steel mills on June 18 stating that it will enforce crude steel production cuts between June and December this year, with output not to exceed an annual capacity of 35.98 million tonnes.
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Crude steel output will be no higher than 30.58 million tonnes in 2024, according to the notice.
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Fujian province, in southeastern China, produced 34.06 million tonnes of crude steel in 2023, ranking it tenth among the leading steel production hubs in China.
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Output in the first five months of 2024 was about 14.64 million tonnes, up 23% year on year, according to data from the National Bureau of Statistics (NBS).
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If the policy is implemented, crude steel production in 2024 will be 3.48 million tonnes lower than the previous year.
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The most-affected steel mills will be those running blast furnaces (BFs) because of their high carbon emissions, according to market participants.
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Electric-arc furnaces (EAFs) will be prioritized to ensure good production rates, according to the notice.
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Other larger production hubs, such as Shandong and Hebei provinces, published notices about reducing energy consumption and carbon emissions, and containing crude steel production early in 2024, but did not specify by how much production will reduce. fastmarkets
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