China is underreporting the amount of steel it makes by about 40m tonnes a year – roughly the amount made by Germany – according to a new analysis that provides insights into the recent high prices for the main raw material used by the world steel industry.
Detective work by Meps, a UK steel consultancy, indicates that Chinese steel output last year was 672m tonnes – nearly half of the world output – as opposed to the 627m tonnes reported by the Chinese authorities.
Behind the underreporting, according to Peter Fish, Meps managing director, is that plants that Beijing would like to shut down because they are not economical and produce too much pollution have stayed open to meet local demand.
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