According to the report made by the Metallurgical Industry Planning and Research Institute on the Jan 4th,2018, the growth of China's steel industry will slow down in 2018, and the output of crude steel is estimated at 838 million tons, It’s basically flat as last year.
Despite we are still in the process of producing capacity, due to steel market is benefited from the over-expected global economic recovery and the steady development of domestic economy, China's steel output has maintained a rapid growth.
As showed by National Bureau Statistics, China's crude steel output was 710 million tons from January to October 2017, which increased of 6.1% over the same period of last year, the production of pig iron was 603 million tons, which increased of 2.7%.
Metallurgical Industry Research Institute Chang said the new creation:“Since the macroeconomic growth rate was better than expected in 2017, the consumption of steel products in major downstream industries such as construction, machinery, automobile and energy sectors maintained a good growth and the overall demand for steel products in our country increased rapidly."
The report showed that China's crude steel output was 832 million tons and pig iron output was 710 million tons. Crude steel output will only increase by 0.7% ,it about 838 million tons in 2018, and pig iron production will slightly drop to 709 million tons.
Demand for steel in various regions of the world will continue to grow in 2018, it about 1.647 billion tons, an increase of 1.7% over the same period of last year. Among them, the proportion of Asian steel consumption still ranks first in the world, it about 65.9%.
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