China Becomes World's Largest Consumer of Stainless Steel

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Last updated at: (Beijing Time) Wednesday, April 03, 2002

China Becomes World's Largest Consumer of Stainless Steel

China has become world's largest consumer of stainless steel, overtaking the United States and Japan. China's consumption of stainless steel has been growing at an average rate of 17 percent for the past 10 years. China is expanding its stainless steel production capacity, which will reach 3 million tons per year in 5 years. The stainless steel industry will by then be 80 percent self-sufficient.

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Stainless steel consumption increasing

China has become world's largest consumer of stainless steel, overtaking the United States and Japan, according to professor Li Cheng, executive vice president of the China Stainless Steel Council.

Li said that China's conspicuous consumption of stainless steel in 2001 was about 2.25 million tons, while conspicuous consumption in the US was 2 million tons and in Japan 1.5 to 1.6 million tons.

China's consumption of stainless steel has been growing at an average rate of 17 percent for the past 10 years, while the world's average growth rate has been 4 percent to 7 percent. In 2000 however China's per capita stainless steel consumption was only 1.4 kg, while that of the world per head consumption was 4 kg.

Stainless steel industry to be self-sufficient

Li said China's stainless steel output had been hovering around 300 thousand tons a year for several years since 1990.

The output in 2001 was about 700 thousand tons, but at the same time 1.6 million tons worth 2.2 billion U.S. dollars was imported.

China is expanding its stainless steel production capacity, which will reach 3 million tons per year in 5 years. The stainless steel industry will by then be 80 percent self-sufficient.

Li says China Stainless Steel Council has been and would be devoted to the promotion of the utilization of stainless steel, as well as to services to and the supervision of stainless steel producers.

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