China's steel consumption is expected to reach 715 million tons next year.

Li Xinchuang, president of China Metallurgical Industry Planning and Research Institute, said yesterday that it is estimated that the actual consumption of steel in China this year is 693 million tons, and the actual consumption of steel will reach 715 million tons next year, up 3.2% year-on-year. Capacity, overcapacity in the steel industry will continue.

Li Xinchuang made the above statement at the 2014 China Steel Demand Forecasting Results Conference held by the Metallurgical Industry Planning and Research Institute on the 6th. According to the forecast of the Metallurgical Industry Planning and Research Institute, the slowdown in the growth of steel downstream industries such as machinery, home appliances and containers is the main reason for the decline in steel consumption growth. China's economic development faces many positive factors, and the internal and external economic environment is getting better, but it is still difficult to see a marked improvement. It is expected that the demand for steel will continue to increase slightly in 2014.

Forecasts show that among the eight downstream industries that determine steel demand, the railway industry and the automotive industry are expected to increase their demand for steel products by the largest amount next year, up 8.3% and 8.0% respectively. The demand for steel in the machinery industry and the home appliance industry increased by 5.3% and 5.0%, while the construction industry, energy industry and container industry saw a small increase. Affected by the sluggish international shipping industry, the demand for steel in the shipbuilding industry will be the same as this year.

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