China’s crude steel output is likely to rise at a lower rate than in 2020. Production is estimated to be at 1.06bn mt in 2021, up by 1.4pc from 2020, while demand is expected to rise 1pc to 951mn mt.
In 2020, crude steel output could reach 1.05bn, a record high, and up by 5.4pc from 2019, according to Li Xinchuang, the Chief Engineer of the Metallurgical Industry Planning and Research Institute. Consumption in the year is estimated to be 983mn mt, up by 9.6pc from the prior year.
Despite the COVID-19 pandemic earlier this year, the Chinese economy could register a growth. Manufacturing recovered, aiding steel production and consumption. Since November, China’s domestic steel prices have been on an uptrend and reached new highs on multiple counts.