China announces plans to cut steel production

China plans to restructure its steel industry by cutting production in the sector. This was announced by the National Development and Reform Commission (NDRC) at the National People’s Congress in Beijing, Bloomberg reports. At the same time, the authorities did not give specifics on the possible scope of cuts in this sector. The market assumed that steel production could be reduced by 50 million tons per year. Citigroup analysts noted that this is the first time that the National Commission has proposed to reduce steel production in its draft plans. Experts and traders believe this is a clear signal from the government that it will regulate steel production this year.