Highlights Output cut of around 20 million-30 million mt expected Annual steel demand may drop faster than supply China is likely to announce a 20 million-30 million mt, or 2-3% year on year, decline in its steel output cut target for 2022 in July, according to industry sources. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The steel output cuts at this level may not provide much upside momentum to the Chinese steel market, as annual steel demand, undermined by debt-strapped property sector, may drop even faster. Some sources expect Chinese steel prices to continue to fluctuate in the second half of the year but in a narrower range than in H1. China’s annual steel demand in 2022 would drop at least 5% on the year, which means in order to lower steel inventories and give a real boost to steel prices, China […]