According to a new report issued by China's Ministry of Industry and Information Technology (MIIT), Chinese apparent consumption of crude steel is expected to reach 690 million mt this year.
In addition, the report also predicts that in the current year Chinese crude steel output may reach 730 million mt, rising by approximately seven percent year on year. Meanwhile, steel imports and exports of China in the given year are expected to maintain levels of 15 million mt and 50 million mt respectively, while China's iron ore imports are expected to rise to 730 million mt. The MIIT also states that steel prices in the domestic market are expected to follow a soft trend in 2012, with peak prices expected to be lower than peak prices in 2011.
According to the MIIT data, in 2011 Chinese crude steel output reached 683.88 million mt, up 7.3 percent year on year. Outputs of pig iron and finished steel in China in 2011 respectively totaled 629.69 million mt and 882.58 million mt, registering year-on-year increases of 8.4 percent and 9.9 percent.