Chinese steel cuts raise hopes for Korean steelmakers

Chinese steelmakers’ voluntary production cuts are raising cautious hope among Korean steelmakers that oversupply and price pressure may ease. An industry official said the impact will depend on how deeply and consistently China reduces output. The China Iron and Steel Association has urged about 45 mills, including China Baowu Group, Ansteel Group, HBIS Group and Shougang Group, to adjust production and inventories based on orders and profitability. Korea is also seeking to extend anti-dumping duties on Chinese H-beams for five more years.

China’s crude steel output fell 3 percent year-on-year in the first half of 2026, while steel consumption declined 3.6 percent, according to Ansteel.

Inventories at major Chinese steelmakers reached 16.02 million tons, the highest level in three years.

The Korea Trade Commission recently recommended extending anti-dumping measures on H-beams imported from China for another five years.

The proposed duties on suppliers not covered by existing price undertakings would range from 28.23 percent to 32.72 percent.

Published Sep 21, 2026 3:55 pm KST

45 Chinese mills join push to curb excess supply

An aerial view shows people walking at a wholesale steel market in Shenyang, China, April 11, 2024. AFP-Yonhap

Korean steelmakers are cautiously hopeful that voluntary production cuts by about 45 Chinese mills could ease the oversupply and price pressure that have squeezed their margins, although the impact will depend on how deeply and consistently output is reduced.

“Reducing inventories and cutting production is certainly welcome and positive for the Korean steel industry,” an industry official said.

“If China were to make a drastic cut of 200 million or 300 million tons, I think it would have a very positive effect on steelmakers around the world, including those in Korea.”

The China Iron and Steel Association (CISA) recently called on about 45 steelmakers, including China Baowu Group, Ansteel Group, HBIS Group and Shougang Group, to adjust production and inventories based on actual orders and profitability rather than maintaining full production despite weak demand.

The move comes as weak property and construction demand has left Chinese mills with high inventories and deteriorating profitability.

China’s crude steel output fell 3 percent year-on-year in the first half of 2026, while steel consumption declined 3.6 percent, according to Ansteel. Inventories at major Chinese steelmakers reached 16.02 million tons, the highest level in three years.

CISA has called for mills to align production more closely with demand and profitability, but a Korean industry official said the impact would depend on the scale and durability of the cuts given China’s huge steel output.

“Cutting production and reducing inventories by Chinese steelmakers is something they have been continuing since around 2010,” he said.

“The amount reduced is larger than Korea's total production, but when viewed as a whole, it has not been a very meaningful number … The effects (of the latest initiative) will have to be assessed while monitoring the situation going forward.”

Korea has also maintained its trade defenses against Chinese steel imports. The Korea Trade Commission recently recommended extending anti-dumping measures on H-beams imported from China for another five years, including duties of 28.23 percent to 32.72 percent on suppliers not covered by existing price undertakings.

An aerial view of POSCO’s Gwangyang Steelworks in South Jeolla Province / Courtesy of POSCO

中国钢铁企业自愿减产，令韩国钢铁企业谨慎燃起希望，认为供应过剩和价格压力可能会有所缓解。一位业内人士表示，具体影响将取决于中国减产的幅度及持续性。中国钢铁工业协会已敦促包括中国宝武集团、鞍钢集团、河钢集团和首钢集团在内的约45家钢厂根据订单和盈利情况调整产量和库存。韩国方面也正寻求将对中国H型钢的反倾销税延长五年。

据鞍钢集团数据显示，2026年上半年中国粗钢产量同比下降3%，钢铁消费量同比下降3.6%。

中国主要钢铁企业的库存达到1602万吨，为三年来最高水平。

韩国贸易委员会最近建议将对从中国进口的H型钢的反倾销措施再延长五年。

对未纳入现有价格承诺的供应商，拟议征收的关税税率为 28.23% 至 32.72%。

发布于2026年9月21日下午3:55（韩国标准时间）

45家中国钢厂加入遏制供应过剩的行列

2024年4月11日，从空中俯瞰，人们在中国沈阳的一个钢铁批发市场行走。（法新社/韩联社）

韩国钢铁制造商谨慎地希望，约 45 家中国钢厂的自愿减产能够缓解供应过剩和价格压力，从而减轻其利润空间，尽管其影响将取决于减产的幅度和持续性。

一位业内人士表示：“减少库存和削减产量对韩国钢铁行业来说无疑是值得欢迎的积极举措。”

“如果中国大幅减产2亿至3亿吨，我认为这将对世界各地的钢铁生产商，包括韩国的钢铁生产商，产生非常积极的影响。”

中国钢铁工业协会（CISA）近日呼吁包括中国宝武集团、鞍钢集团、河钢集团和首钢集团在内的约45家钢铁企业，根据实际订单和盈利能力调整产量和库存，而不是在需求疲软的情况下维持满负荷生产。

此举是由于疲软的房地产和建筑需求导致中国钢厂库存高企、盈利能力下降。

据鞍钢集团数据显示，2026年上半年中国粗钢产量同比下降3%，钢铁消费量同比下降3.6%。中国主要钢铁企业的库存达到1602万吨，为三年来最高水平。

CISA呼吁钢厂将生产与需求和盈利能力更加紧密地结合起来，但一位韩国业内人士表示，鉴于中国巨大的钢铁产量，其影响将取决于减产的规模和持续时间。

他说：“中国钢铁企业从2010年左右就开始削减产量和减少库存。”

“减产幅度虽然超过了韩国的总产量，但从整体来看，这个数字并不算大……（最新举措的）效果还需要在持续观察形势的同时进行评估。”

韩国也继续对中国钢铁进口采取贸易防御措施。韩国贸易委员会近期建议将对中国进口H型钢的反倾销措施延长五年，其中包括对未纳入现有价格承诺范围的供应商征收28.23%至32.72%的关税。

浦项钢铁公司位于全罗南道的光阳钢铁厂鸟瞰图 / 图片由浦项钢铁公司提供