In 2024, the metallurgical machinery industry generated operating revenue of RMB 127.3 billion, a year-on-year increase of 5.6%; total profits stood at RMB 4.3 billion, down 12.9% year-on-year; and the industry profit margin was 3.3%, a decline of 0.8 percentage points from the previous year. In 2023, the market size for metallurgical equipment in China was RMB 136.638 billion, with a production volume of 6.8396 million tons for major products.
In 2024, the industry's total import and export volume reached USD 3.394 billion, comprising USD 3.083 billion in exports and USD 3.11 billion in imports, resulting in a trade surplus of USD 2.772 billion; exports of specialized metallurgical equipment from China grew from USD 1.847 billion in 2019 to USD 3.147 billion in 2024.
Regarding the policy environment, the state has issued policies such as the "Work Plan for Stabilizing Growth in the Iron and Steel Industry," encouraging enterprises to accelerate technological upgrades and equipment renewal while focusing on strengthening weak links in the industrial chain. The competitive landscape is characterized by a highly concentrated global industrial distribution, with key core technologies controlled by leading foreign enterprises; domestic market competition is intense, and leading domestic firms are actively expanding into overseas markets (such as "Belt and Road" countries).
In terms of downstream demand, investment demand for ferrous metallurgical equipment has declined due to overcapacity, whereas demand for non-ferrous metallurgical equipment has shown steady growth; new projects are primarily driven by the replacement of outdated capacity and adjustments to industrial layout.