Baosteel: China's stainless steel use to rise by five percent in 2010

Wednesday, 26 May 2010 12:25:49 (GMT+2)

China's apparent consumption of stainless steel, the main driver of the country's nickel demand, is expected to rise by five percent in 2010, Lou Dingbo, president of Shanghai-based steelmaker Baosteel's Stainless Steel Business Unit, said on Wednesday, May 25.

Mr. Lou, speaking to reporters on the sidelines of a conference in Shanghai, said the growth rate in 2010 would not be as strong as last year. In 2009, China's apparent consumption of stainless steel rose by 32 percent year on year to 8.22 million mt.

Apparent consumption of stainless steel had fallen sharply in 2007 and 2008, he said. Although it rebounded last year, it did not return to the level of consumption seen in 2006.

Mr. Lou also said Baosteel might need to use more nickel pig iron this year because it is cheaper than refined nickel. Last year, the entire industry in China used a volume of nickel pig iron equivalent to 100,000 mt of nickel, he said.

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