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Chinese steel consumption to rise 7.7pct in 2017

China Metallurgical Industry Planning and Research Institute forecasts that Chinese steel consumption is expected to rise 7.7% YoY to 725 million tonne in 2017 amid an improving economy and better performance of major steel consumers as China’s crude steel output will increase 3% YoY to 832 million tonnes. It also said “Steel demand will grow by 0.7% to 730 million tonnes in 2018 while crude steel output will also grow by 0.7%to 838 million tonnes.”

It said “Real estate construction will remain the biggest consumer of steel products in 2018, with demand amounting to 388 million tons, up by 0.3% YoY which is estimated at 387 million tonnes. The machinery industry comes second with 138 million tonnes of expected steel demand in 2018, up by 1.5% YoY, followed by the automobile industry with 59.5 million tonnes, and energy with 32.5 million tonnes.”

Mr Li Xinchuang, president of the institute, said that China will continue to cut outdated steel capacity and manufacture more green and high-quality steel products next year. He said “China’s steel manufacturing infrastructure is the most advanced in the world. The small and unregulated steel mills, which are producing substandard steel with high pollution, should be eliminated. The steel enterprises should increase their investment in research and development as well as environmental protection to maintain their competitiveness in the world.”
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