Some market participants forecasted that the global steel capacity will continue to increase in the future, and the annual steel capacity in India is likely to reach more than 200 million tons.

Currently, Chinese carbon emissions from industrial activities accounted for 60% of the total in China, of which the steel industry occupied 18%.

Therefore, the Chinese government has implemented the production control policy and expected to reduce the export tax rebate in April in order to lessen carbon emissions from steel industries.

Last year, the export volume of Chinese steel products decreased by 16.5% and the import volume increased by 65%. It was expected that the global steel market will be balanced between supply and demand due to the reduction of domestic demand.