According to China Iron and Steel Association (CISA), China’s crude steel output was expected to reach 1.03 billion tons in 2021, decreasing by 35 million tons or 3.3% compared to the previous year. The decrease was higher than the estimated 20 million tons by the Ministry of Industry and Information Technology (MIIT).

CISA also forecasted that China’s crude steel output this year will drop for the first time since 2016 due to the government's requirement of production cuts in the second half of the year.

Despite the decline in production, the gross profit of CISA member companies will keep increasing due to the expansion of the industrial scale and better profitability of steel companies.