Steel demand in China is expected to reach 991mn mt in 2021, a rise of 1pc from the prior year, according to the Chinese media. The country’s manufacturing sector will support the consumption.
In 2021, the country will ramp up its manufacturing activities. In the Anhui province, 249 new projects have been started with an investment of CNY113bn ($17.47bn). In Henan, 2772 key projects will be started at a cost of CNY392.8bn, while Guangdong will invest CNY200bn for 222 new projects. Steel consumption in the machinery manufacturing sector will reach 580mn mt, up by 10pc from the prior year.
Aiding demand will also be housing renovations and new construction projects.
Exports from China are expected to reach 60mn mt in 2021, up by over 10pc from a year ago. With most countries rolling out the COVID-19 vaccines, the global pandemic is expected to come under control.