Steel cap imminent

China intends to cap total iron and steel production at around 400 million tons and cut back on production by substandard steelmakers, the National Development and Reform Commission said. China's main planning agency aims to eliminate 100 million tons of iron capacity and 55 million tons of steel capacity over the next five years. China is the world's biggest producer and consumer of steel. Its crude steel output rose 25% last year to 385 million tons, according to the Brussels-based International Iron & Steel Institute, or about 30% of global output. The NDRC estimated total steel output at 350 million tons last year.