Total steel inventory in China ... enough for the next five years?

A piece from overnight on a report in the Guangzhou Daily

I'm taking it with a grain of salt ...

They cite a steel trading company owner identified as "Li You", saying

• China's crude steel output during the first six months of the year dropped 1.3% to 409.97 million tonnes from a year earlier
• The first decline in two decades
• Consumption of crude steel dropped 4.7% to 362.31 million tonnes
• The total steel inventory in China is estimated at 1.1 billion tonnes, meaning the country has enough steel for the next five years, even without any new output, according to Li.

There is more here. BYO salt.