According to reports, China Iron and Steel Association (CISA) has proposed an industry self-review plan to ask the iron and steel industry to strengthen the market in order to promote high-quality development of the industry. Also, it asked the industry to adjust export strategies to ensure the domestic supply.

The plan said that China has adjusted steel import and export policies, prompting high value-added steel exports and cutting the export of low-valued steel products.

Iron and steel companies should adjust their export plans in order to meet the domestic supply, targeting to regulate the import and export of iron and steel.

There was a total of seven proposals were stated in the plan. Other than asking the steelmakers to make sure the domestic supply of iron and steel, CISA also requested the companies to produce by the actual need in a bid to maintain the balance of demand and supply.

CISA will also strengthen market monitoring and issue early warnings as it comes to critical market factors.