Latest News:  
Beijing   Light snow/Overcast    5 / -2   City Forecast

People's Daily Online>>China Business

China to see waning steel demand

(Xinhua)

13:26, March 02, 2012

BEIJING, March 2 (Xinhua) -- China's steel demand will continue to subside this year due to a possible domestic slowdown and faltering global economic recovery.

China's crude steel consumption may hit 690 million tonnes this year, while its output is expected to rise by 7 percent to reach 730 million tonnes, according to a statement posted on the website of the Ministry of Industry and Information Technology.

The nation's steel exports will likely stand at 50 million tonnes, while its imports may reach 15 million tonnes.

The growth of China's steel consumption has fallen since June, as the country's efforts to curb inflation have slowed fixed-asset investment.

The world economy is not likely to see a rapid recovery this year, with its growth rate slowing to around 3 percent, according to estimates from several international institutions.

Developed nations are facing the risk of another recession this year, which may weigh on economies in developing countries.

The ministry said it expected a fall in steel prices this year due to waning demand.

"The highest point for steel prices in 2012 will be lower than that of 2011. Prices may rebound in the second half after experiencing downward movement in the first half," the statement said.

Email|Print|Comments(Editor:王莉莉)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. A journey in north Tibet: Namtso Lake

  2. Beijing tightens security for NPC, CPPCC

  3. CPPCC members arrive in Beijing

  4. 1st training by aerobatics team of air force in 2012

Most Popular

Opinions

  1. Political dialogue is right solution to Syrian crisis
  2. West's pressure no sway on China's defense budget
  3. Manila returns to usual games of cat and mouse
  4. How should China cope with US return to Asia?
  5. China-US relations have become irreversible
  6. Safe food not just for champions and govt officials
  7. Questions facing NATO's strategic transformation
  8. US, DPRK talks offer window into new leadership
  9. Chinese people's feelings cannot be hurt
  10. US far from being model of social wealth distribution

What's happening in China

Fossils of giant fleas discovered in north China

  1. Persistent drought drains lakes in Yunnan
  2. New rules to cut abuse at detention centers
  3. Abandoned newborns' shelter sparks debate
  4. Beijing offers disabled foreigners free bus rides
  5. China's old population hits 185 mln

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai