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According to the Global Times, China's steel production continued to grow in 2020, according to the China Iron and Steel Industry Association (CISA), and rising steel demand in China helped to stimulate global industry. In 2020, China produced 1.053 billion tonnes of crude steel and 1.325 billion tonnes of steel products, showing an annualized growth of 5.2% and 7.7%, respectively.
In addition to the cut in steel production in March due to the impact of the COVID-19 pandemic, according to CISA, there was a steady increase in steel production in the remaining 11 months.
With the start of economic recovery in the second half of 2020, the demand for steel in the country has increased. Consumption of crude steel in China rose 9% on the back of a rebound in the construction and manufacturing sectors.
Steel demand in China has also boosted the global steel market. In 2020, China imported 20.23 million tons of steel products, which is 64.6% more than last year. Iron ore imports totaled 1.17 billion tons, an increase of 9.5%, according to the General Administration of Customs (GAC).
China exported 53.67 million tons of steel products, down 67.6% from the same period last year.
The pandemic continues to affect steel production and the recovery in international steel demand is facing some challenges. With the requirement to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, CISA has pledged to push for green development and explore advanced technologies to reduce energy consumption.
