STEEL NEWS

China will have a different approach to steel consumption from 2021

According to the Xinhua agency, in 2021 China plans to carry out a demand reform, which will also affect the iron and steel industry.

Speaking at the Mysteel Annual Summit, Wang Jianhua, chief analyst at the consulting company Mysteel, noted that in 2021-2025. The Chinese economy will focus on the domestic market. This applies equally to consumer goods and high-tech industrial equipment. In addition, the country is not going to reduce the growth rate of infrastructure projects.

According to Mysteel's forecast, in 2021, production and apparent consumption of steel in China will grow by about 2% compared to 2020, but real demand will grow much faster. The most demanded products will be steel products with higher added value, such as flat products, seamless pipes, and special steel products.

Automotive production and construction will remain the main consumers of steel products.