China’s steel consumption fell 5 percent year on year during the first quarter of the year (Q1) partly due to waning demand as the resurgence of domestic COVID-19 cases slowed down the construction of many projects.
From January to March, steel consumption of the building industry dropped 7 percent from a year ago, while that of the manufacturing sector dipped 2 percent, said Qu Xiuli, vice chairperson of the China Iron and Steel Association.
The global uncertainties also caused a decline in steel exports and imports, she said.
However, China’s whole-year steel consumption will likely remain flat from that of last year with the implementation of measures to stabilize growth, said Shi Hongwei, deputy secretary-general of the association.
“The previously pent-up steel consumption will not disappear. It will only be delayed,” Shi said.