China this year is expected to produce more than 300 million tons of crude steel, said Luo Binsheng, vice president of the China Iron and Steel Association on Friday.

Last year the steel production of China, the largest steel producer in the world, was 272 million tons.

In the first half of this year, China produced 164.86 million tons of crude steel, up 28.25 percent year on year, according to figures from the China Iron and Steel Association.

This year, steel prices in the domestic market rose at first and later dropped. With the rapid growth of steel production, an oversupply problem has started to emerge, but the country still runs short of those steel products with high added value and high-technology levels, said Luo.

Source: Xinhua