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Steel production in China will surpass 1 billion tons and consumption is likely to reach over 980 million tons in 2020, a record high, according to a recent report from the China Metallurgical Planning and Research Institute, Reuters reports.
In the first ten months of this year, steel production nationwide was 874 million tonnes, up 5.5% from a year earlier. That number is expected to rise to 1.05 billion for the full year, up 5.4% from the previous year, according to an industry report.
“The steel industry has played a vital role in supporting China's economic recovery,” said Li Xinchuan, chief engineer at the institute, adding that more metal is used in the construction, engineering and energy sectors, driven by a range of government policies to encourage investment and sustainable growth. ...
From a global perspective, steel consumption in other regions outside of Asia is set to decline in 2020, according to a separate report from the Institute for Global Steel Demand Forecasting.
“In 2020, steel consumption in Asia will rise contrary to the trend, mainly because steel consumption in China increased by 9.6% year on year, which supported the growth of steel consumption in Asia by 1.7% year on year,” said Lee.
According to the report, steel consumption in China in 2021 will grow by 1% to 991 million tons.
