China's steel demand forecast at 720 million tonnes in 2015 - Industry Body

Posted on 09 December 2014
 

Source: Steelguru, 8 December 2014

According to a report released by the China Metallurgical Industry Planning and Research Institute, China's steel demand is forecast to rise 1.41% YoY to reach 720 million tonnes in 2015. The steel consumption for 2014 is estimated to grow 2.45% YoY to 710 million tonnes.



It also predicted that China's crude steel production will increase by 5.26% and 1.7% from a year earlier to 810 million tonnes and 834 million tonnes, respectively, in 2014 and 2015 and the country’s pig iron production will reach 720 million tonnes and 732 million tonnes, a gain of 1.56% and 1.67%.



Iron ore demand for 2015 is forecast to hit 1.157 billion tonnes, a YoY growth of 1.67%. Iron ore imports next year are expected to grow 6.4% YoY to 1 billion tonnes. The report also gave projections for demand from steel-consuming downstream sectors.



Mr Li Xinchuang, head of the industry body said that "The steel consumption from downstream sectors will only maintain modest growth next year amid a slowdown in economic growth and exports. The steel consumption growth from almost all the sectors will decline. The steel consumption from the building and machinery industries is predicted to rise by 1.28% and 3% YoY to reach 395 million tonnes and 144 million tonnes in 2015, with the pace narrowing from the estimated 2.4% and 5.3% in 2014.”



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