BUSINESS Rising steel demand in China helps elevate global market: CISA

BUSINESS

Rising steel demand in China helps elevate global market: CISA

Global Times

17:26, January 27, 2021

A worker welds and processes parts at a steel firm in Tianfu Industrial Park in Meishan, Southwest China's Sichuan Province. Companies in the industrial park are working overtime to compensate for production delayed by the epidemic, and ensure that orders are completed on schedule before the end of the year. Photo: cnsphoto

China's steel production continued to edge higher in 2020, and the rising demand for steel in China helped stimulate the global industry, the China Iron & Steel Association (CISA) said on Wednesday.

In 2020, China produced 1.053 billion tons of crude steel and 1.325 billion tons of steel products, recording a year-on-year increase of 5.2 percent and 7.7 percent respectively. Aside from the decreased steel production in March due to the impact of COVID-19 pandemic, the steady steel output rise was realized in other 11 months, CISA said.

With the start of economic recovery in the second half of 2020, the country's demand for steel has elevated. Consumption of crude steel in China rose 9 percent due to the reviving construction and manufacturing sectors.

China's steel demand also elevated the global steel market. China imported 20.23 million tons of steel products in 2020 which rose 64.6 percent year-on-year. Iron ore imports hit 1.17 billion ton, an increase of 9.5 percent, the General Administration of Customs (GAC) said.

Steel export data released by GAC showed that China exported 53.67 million tons of steel products which declined 67.6 percent year-on-year.

The pandemic is still impacting steel production and the recovery of international steel demand is facing some challenges. With the requirement of peaking carbon dioxide emissions by 2030 and carbon neutrality by 2060, CISA vowed to insist green development and explore advanced technology to reduce energy consumption.

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