According to Reuters, the review comes as the country's output has risen 7.4% through the first 10 months of 2019, despite a slowing economy and the elimination of more than 150 million metric tons of capacity.

Meanwhile, Chinese producers are ramping up foreign investments, the latest example of which being Jingye Group’s acquisition of integrated long products maker British Steel, according to commodities news and pricing service S&P Global Platts. 

According to a Platts estimate, Chinese steelmakers control 14.2 million metric tons of foreign capacity and projects representing 42.7 million metric tons of new crude steel capacity are in the works.