As per the data shown by the National Bureau of Statistics China’s crude steel production in 2019 has surged 8.3 percent to 996.34 million tonnes from the previous year. In December 2019 the world’s largest steelmaker has churned 84.27 million tonnes, registering a growth of 12 percent YoY. China’s pig iron production in December went up 6.0 percent from a year earlier to 67.06 million tonnes, while pig iron production for the whole year was up 5.3 percent from a year earlier to 809.37 tonnes.
Steel demand in China stayed firm in 2019 despite coming under pressure from slowing domestic growth and a trade war with the United States. The property market was more resilient than expected, and a push on infrastructure spending fueled demand for steel as a vital building material.
The China Iron and Steel Association said that it is expecting further growth this year and forecasting Chinese steel demand of about 890 million tonnes for 2020, up 2% from 2019. It also said the pace of growth would slow due to less demand from the automobile and shipping sectors, while new property construction is also expected to slow.
