China steel demand to rise 25% by 2015

China steel production will reach 280 million tonnes.

RELATED ARTICLES: China plans $1.3trillion infrastructure spree | Sino the times | China, Iran ink $2bn world's tallest dam deal

By 2015 steel in China, will see a 25% increase in demand, compared to last year’s figures, according to estimates by the China Iron & Steel Association (CISA), representing producers.

Consumption of the metal may rise between 12% to 25% from last year’s levels to 750 million tonnes in 2015, announced Luo Bingsheng, deputy party secretary of the association, at a Shanghai conference on Monday.

China’s economy has been seeing 10% growth annually over the past 30 years, as it invited foreign investment and revamped state-owned companies. This increased demand for commodities such as iron ore, copper and coal. Iron ore is the main raw material used to make steel. China’s steel production will reach 680 million tonnes, said Li Xinchuang, CISA deputy secretary-general.

Story continues below

Advertisement

FEATURED COMMENT Please click here to comment on this article

However, the report also mentions a slowdown in the growth of China’s steel demand from 4.6% to 2.6% annually through 2015 due to a slowdown in the economy.

China’s steel consumption, including metal for stockpiles, reached 17% a year from 2006 according to Bloomberg calculations based on figures from the CISA’s Web site.