Nippon Steel warns that China is set to tighten grip on market
JapanTimes - China is set to strengthen its grip on the global steel market as its economy recovers from the coronavirus pandemic faster than rivals and domestic mills expand into higher-quality products, according to Japan’s top producer.
“Chinese steel-makers are working hard on product development,” Katsuhiro Miyamoto, executive vice president of Nippon Steel Corp., said in an interview. “We must stay ahead of them.”
Steel-makers in Japan have focused on making high-end steel used by auto customers, rather than trying to match China — the top producer — in volume. But now they are facing increased competition on quality as well as price as Chinese mills seek to catch up on technology.