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China helps to bolster steel price
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China is among the contributors to bolster steel price in the global market, according to a press conference held today by the Ministry of Commerce.
Shen Danyang, a spokesman at the ministry, said China participated in the progress as the government has taken unprecedented efforts to cut supply and seek ways to expand domestic demand.
Price of steel in the global market has surged 20 percent from US$305 per ton at the year’s beginning to US$365 per ton in April.
The State Council, China’s cabinet announced in February that China plans to reduce steel production by 150 million tons over the next five years as the country aims to streamline its heavy industry.
“Apart from limits on capacity, we are taking comprehensive measures to expand domestic demand for steel,” said Shen, adding that lots of China’s infrastructure constructions are still in progress to boost the needs for steel.
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