By the end of October, 45 million tonnes per annum (Mtpa) of steel capacity had been slashed, which marking that China was completing its steel capacity cut target for 2016, said an official of the National Development and Reform Commission on November 11.

General secretary of the NDRC, at a press conference Li Pumin pointed out that the country will also reach its coal capacity cut target of 250 Mtpa ahead of time.

According to Li, domestic steel enterprises' profits have been improved as a whole, and steel supply is basically in line with demand from downstream sectors, thanks to the nationwide efforts to downsize overcapacity.

China's Steel Price Index stood at 67.51 points in October, up 1.71 points from a month prior and 13.21 points from the year-ago level.