In a recently released report, London-based financial services company Standard Chartered Bank has predicted that in 2011 Chinese annual steel output capacity will reach 780 million mt, with its domestic steel consumption expected to total 580 million mt.
According to the report, the bank also expects that Chinese domestic steel consumption in 2010 will reach 552 million mt, rising by nine percent year on year.
As mentioned in the report, the current capacity utilization rate of Chinese mills is about 80 percent.