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China’s steel consumption likely to rise in 2021

China’s steel consumption is expected to reach 991 million tonnes in 2021, up 1 percent year on year, according to a report from the China Metallurgical Industry Planning and Research Institute.

The slight increase in consumption will be buoyed by faster economic recovery, the report said.

Demand from the construction and machinery industries will continue to boom next year, with consumption in the two sectors rising to 580 million tonnes and 160 million tonnes, respectively.

As the global economy recovers from the COVID-19 fallout, the report forecast that international demand for steel will rise to 1.83 billion tonnes in 2021, up 4.9 percent year on year.

During the first 11 months of the year, China’s crude steel output increased 5.5 percent year on year to 960 million tonnes. The output of the entire year is expected to reach 1.05 billion tonnes, while consumption is forecast to hit 981 million tonnes. 

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