Chinese steel mills flourish in 2019
It was reported that China's steel industry expected a positive outlook in the near future, due to new tax cuts, urbanization and better demand from national sectors.
China will reduce the value added (VAT) from 16% to 13% for several sectors including steel sectors, which will strengthen the competitiveness of Chinese steel in both domestic and international markets.
In addition, the world's largest steel producer, China, will invest more in infrastructure construction this year. It was expected that the investment growth will be 10% this year, which will raise steel demand between 1% and 2%.
