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Chinese Steel Demand to Rise by 10 Million Tonnes in 2020

Steel News - Published on Mon, 20 Jan 2020

Image Source: reutersmedia.net
Latest China Iron and Steel Industry Association report forecasts 2% YoY increase in steel demand in 2020 to 890 million tonnes as compared to 875 million tonnes in 2009, up 6% YoY. CISA said “The construction sector will remain the biggest steel demand driver in 2020, consuming 498 million tonnes of finished steel, up 2% YoY as compared to 486 million tonnes in 2019 uo 8% YoY. Growth in property new starts will slow in 2020, but infrastructure construction will accelerate and offset the downward pressure on steel demand from weaker property construction.”

CISA expects healthy steel demand growth rate in the machinery sector, due to steady demand growth from the petrochemical and construction industry.

However, CISA said steel demand from vehicle, ship and container manufacturing will decline in 2020.

The association predicted China's passenger car production and sales will decline by 2% in 2020.

CISA forecast is in contrast to China Metallurgical Industry Planning and Research Institute report in December that China’s demand for steel is expected to fall slightly to 874 million tonnes in 2020. They said “The steel demand of the construction industry is forecast to dip by 0.6 percent year on year to 475 million tonnes. The machinery industry is likely to see its demand remain basically stable next year at 142 million tonnes. The automobile sector is expected to see the biggest demand decline, down by 3.6 percent year on year. Demand from the sector will likely to reach 48.2 million tonnes.”

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Posted By : Rabi Wangkhem on Mon, 20 Jan 2020
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