Shen Bin, president of the China Iron and Steel Association (CISA) and chairman of major Chinese steelmaker Shagang Group, stated at a recent CISA meeting in Zhangjiagang in Jiangsu Province that China’s steel consumption will likely amount to 969 million mt in the current year, up 18 million mt or two percent year on year. In particular, in the first half of the current year China’s steel consumption totaled 432 million mt, down 22 million mt or five percent year on year, while this volume will amount to 537 million mt in the second half this year, up 40 million mt or eight percent year on year.
Meanwhile, overall demand for Chinese steel in 2020, including local consumption and exports, will likely reach 993 million mt, down 9 million mt or one percent year on year, Mr. Shen stated.
