Special steel industry ushers in the turning point of development


   More than half of ordinary steel is used in the construction industry, and the demand for ordinary steel is driven by the development of real estate, infrastructure and industry. Special steel is mainly used in manufacturing industry, automobile, machinery, high-speed rail car, Aerospace Military Industry and other high-end fields.

   Special steel is the key raw material for high-end equipment manufacturing industry. China encourages the development of high-end manufacturing industry, which requires innovation in new material fields including special steel, and special steel ushers in opportunities for high-end development. In October 2019, the Ministry of industry and information technology proposed to guide special steel enterprises to participate in the construction of new steel material platform and promote the development of special steel industry.

   In 2018, China's output of special steel accounted for 14.33%, which was significantly lower than that of Japan's 22.94%, while the proportion of medium and high-end special steel was lower. In the long run, the high-end manufacturing industry and import substitution will promote the growth of demand for special steel. In the steel production, the proportion of special steel will also increase, and China's special steel industry will usher in a turning point of development and enter a period of rapid development.