Several Chinese steel mills have received instructions to cap this year's output at the same level as 2022, five people familiar with the matter and analyst reports said on Tuesday, potentially curbing iron ore demand in the world's top steel market.
Three mills owned by the world's biggest steelmaker, state-owned China Baowu Steel Group, were given verbal instructions that output should not exceed that of 2022, said four of the sources, with two adding the orders were delivered yesterday.
In both 2021 and 2022, the state planner announced the zero growth target in the second quarter, but no public announcement has been made this year, leaving the market guessing on Beijing's plans. Some mills in the northern Chinese city of Tianjin were notified to keep steel output below the 2022 level, according to reports by local consultancies Mysteel and Fubao on Tuesday, which did not specify the number of mills.
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