Demand for steel to rise 4.1% next year (2)

Zhang Lin, an analyst from steel industry research institute LGMI Research, told China Daily that the industry will recover next year.

But she said the key to this lies in whether newly approved projects including railway construction, subways and airports will be implemented with sufficient funds.

The institute's report predicted a continued fall in iron ore prices in 2013 compared with this year.

"The slowdown in global manufacturing industries, increased iron ore production at home and abroad, and new mines have dragged prices down," said Li.

Iron ore prices fell to less than $90 per ton in August, their lowest level in three years. Prices rebounded slightly after the government approved a series of measures to boost infrastructure construction projects to support the economy.

The report also forecast iron ore demand of 1.1 billion tons in 2013, a year-on-year rise of 4 percent. Of this, imported iron ore will account for more than 60 percent. Iron ore imports are expected to reach 760 million tons in 2013.

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