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Home >> Business
UPDATED: 14:37, February 13, 2007
China becomes world's largest stainless steel producer
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China's stainless steel output jumped 68 percent year on year to 5.3 million tons, ranking the first in the world, according to figures released by the Chinese Special Steel Association.

In 2006, China altogether imported 2.5 million tons of stainless steel products, down 20.13 percent, and exported 904,000 tons, surging 122.64 percent year on year.

The growth of China's stainless steel output and export will not constitute big threat to foreign industries, said Li Cheng, president of the stainless steel branch of the Chinese Special Steel Association.

China's huge domestic demand for stainless steel is still on the rise, absorbing most of its own supply, Li said.

In 2006, China's per capita consumption of stainless steel exceeded 4.6 kilograms, higher than that of Britain.

Last year, 60 percent of China's stainless steel consumption was depended upon domestic supply, the Chinese Special Steel Association said.

It's impossible for China to become a net exporter of stainless steel in the short run, said Li.

Source: Xinhua

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