China sets 2017 capacity cut targets of 50 mil mt/year for steel, 150 mil mt/year for coal

China has set targets to eliminate capacity of "about 50 million mt/year" for steel and "above 150 million mt/year" for coal this year, Premier Li Keqiang said Sunday.

The figures, announced at the annual plenary session of the National People's Congress, were Beijing's first articulation of its goals for 2017, the second year of the 13th Five-Year Plan.

The targets compare with those in 2016 of 45 million mt/year for steel and 250 million mt/year for coal. Li said actual eliminations last year exceeded 65 million mt/year and 290 million mt/year respectively.

The figures for coal include both thermal and metallurgical coal.

Li also said investigations will continue to be carried out on illegally set-up steel projects and those who make and sell induction furnace steel.