CISA: Steel consumption will increase 10%
The
China Iron and Steel Association (CISA) today made an official announcement regarding
China's predicted steel
consumption for 2005.
The association is betting on 10% year on year
consumption growth, from 312 million tons in 2004 to 344 million tons this year.
CISA based its estimations on the 8% growth forecast for GDP and 16% growth forecast for fixed asset
investments.
The decrease in the steel
consumption growth rate of the country –from 28% in 2003 to 15% in 2004– also played a key role in the determination of 2005's projections.