NEW DELHI: Chinese steel manufacturers have cut production on expectations of a further decline in steel demand, with margins eroded. China’s steel manufacturers have produced 829.4 million tonnes of steel in July, down 9 percent both monthly and year-on-year. The lowest production recorded in the year 2024 has been shown in the statistics of the National Bureau of Statistics. Along with this, the total steel production in the first seven months of the year fell by 2.2 percent to 61.37 crore tonnes. A slowdown in China’s real estate market and a downward trend in factory production have seen a sharp drop in domestic prices, and global markets have also seen a huge glut of Chinese metal. It has been seen to have happened. The world’s largest steel producer has warned on August 14 that the industry is facing a more severe crisis than in 2008 and 2015. With the decline in demand for steel, the construction sector, the main source of demand for the industry, has seen no significant growth in sales of new homes. The situation is expected to deteriorate further. On the other hand, the government has also been a negative factor in not accelerating spending on infrastructure despite this poor situation. Therefore, the consumption of Chinese steel is estimated to decrease by three percent in the year 2024. The steel industry has been surrounded by overcapacity for years. In an effort to reduce pollution, Beijing is trying to limit production or maintain production at the previous year’s level. In the year 2020, the mark of one billion tonnes was crossed due to a strong increase in production.