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Steel demand melts
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SLOWING property investment and weakening manufacturing have dragged down Chinese steel demand this year, according to an industry report released yesterday.
Chinese domestic demand for steel will fall by 4.8 percent year on year to 668 million tonnes in 2015, said a report released by China Metallurgical Industry Planning and Research Institute.
Steel demand will continue to shrink in 2016, dropping 3 percent year on year to 648 million tonnes, according to the report.
Globally, the steel demand will decline by 2 percent this year and 0.9 percent next year to 1.51 billion tons and 1.5 billion tons, respectively.
Meanwhile, slowing steel demand has in turn reduced profits for steel makers and forced small players to exit the market.
China’s large and medium-sized steel mills suffered a loss of 72 billion yuan (US$11.34 billion) in the first 10 months of this year, according to the China Iron and Steel Association.
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