Producers search for new markets as Beijing curbs domestic output
China’s steel sector is the largest by output in the world, due mainly to decades of strong domestic demand © Getty
By Emily Feng in Beijing JUNE 23, 2018
Chinese companies have invested billions of dollars in planned steel and coal projects as they chase new markets by shifting production to south-east Asia.
In the past four years, Chinese steel companies have funded 32m tonnes of annual capacity in new steel projects in Indonesia and Malaysia, according to a Financial Times calculation, equivalent to more than 40 per cent of steel consumption in 2016 by the 10 Association of Southeast Asian Nations member states.
Steel has been a contentious commodity as trade tensions flare between Washington and Beijing, with the US imposing global steel tariffs targeted towards what it perceives as cheap Chinese steel flooding global markets.
That, coupled with…
View original post 482 more words