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EYEBROW

29 September 2017
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EYEBROW

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Commodities > Bulks

"[China's] consumption of steel in 2017… [is expected to] increase by 7.7%

China’s consumption of steel is expected to increase 7.7% to 725 million tonnes in 2017, according to the China Metallurgical Industry Planning and Research Institute.

Staff reporter

Commodities > Bulks

"[China's] consumption of steel in 2017… [is expected to] increase by 7.7%

China’s consumption of steel is expected to increase 7.7% to 725 million tonnes in 2017, according to the China Metallurgical Industry Planning and Research Institute.

Staff reporter

"[China's] consumption of steel in 2017… [is expected to] increase by 7.7%

Chinese steel production has shown resilient growth this year

Image: iStock.com/zhaojiankang

The institute outlined its latest research and forecasts at a conference held in Beijing this week.

However, it forecast China's steel demand would increase less dramatically in 2018, by 0.7% to 730Mt.

In a translated statement, the institute calculated iron ore demand was expected to rise 1.3% in 2017 to 1.122 billion tonnes, with an external dependence of 88.4%.

It forecast a "micro-drop" in iron ore demand of 0.2% in 2018 to 1.12Bt.

Real estate construction, machinery, automobiles, energy and shipbuilding would be the main contributors to the country's continued steel demand, China Daily reported.

Institute president Li Xinchuang said the country would continue to cut unregulated and substandard steel mill capacity, the news outlet reported.

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