China's steel consumption to reach highest level in 2010

China’s steel consumption to reach highest level in 2010

According to specialists, China's steel consumption will not reach its highest level until 2010, although country's steel production and consumption increased rapidly in the last two years. China Iron and Steel Association (CISA) officials express that China is still in the development stage of industrialization. It is also reported that China has penetrated a new round of rapid economic development which will increase the country's consumption of steel to a higher level. China will need 250 million tons of steel by 2005 and then it is expected to reach 310 million tons by 2010. Steel consumption in China has increased by 30 million tons annually since 2001 and reached 250 million tons in 2003. International Steel and Iron Association forecast that China will constitute 31% of the world's total steel consumption in 2004. Meanwhile, China produced 220.1 million tons of steel in 2003, up by 21.2% compared to 2002. CISA officials also stated that the steel consumption reached its highest level in other countries which have completed the industrialization process, like US, Japan and UK.