China for the first time in 30 years reduced production of steel

Almaty. December 3. Silkroadnews - In the first three quarters of this year, China has observed, the first in the last 30 years, reduction in steel production, wrote China.org.cn.
Reduced steel production is accompanied by a decrease in prices for this type of product. If at the end of November last year, the price of steel was 2,400 yuan per ton at the end of November this year it fell by about 900 yuan - 1,550 yuan.
From the fourth quarter of 2011, Chinese steel mills began to experience losses. In the first nine months of this year, losses reached 55.27 billion yuan, some metallurgical enterprises were forced to stop production.
Last year, China's consumption of steel reached 702 million tons, this year it will drop to 680 million tons, and by 2030 expected to fall to about 490 million tonnes.
Over the past ten months, the world steel production decreased by 2.5%, indicating a partial recovery of the global economy since 2008, when the financial crisis broke out.
Experts offer to reduce the number of steel mills and reduce steel production while carrying out the technical reconstruction and innovation to confront the challenges of the industry.