At the sixth China Iron and Steel Trade Summit Forum held on October 26 in Zhengzhou, Li Chuangxin, deputy secretary-general of the China Iron and Steel Association (CISA), stated that China's gross domestic product (GDP) and fixed asset investments in 2014 will indicate respective year-on-year increases of 7.4 percent and 17 percent. On the back of stable growth in imports and exports, China's domestic output of crude steel may exceed 800 million mt in 2014, the CISA official added.
According to Mr. Li, iron and steel consumption in China's construction sector this year will amount to 380 million mt, while it is expected to reach 390 million mt in the coming year. He pointed out that China's steel demand is mainly driven by its construction sector. Moreover, Mr. Li further stated that iron and steel consumption in China's machinery and automotive sectors this year is expected to amount to 130 million mt and 46 million mt respectively, and to increase further to 140 million mt and 50 million mt in 2014.