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China steel demand to fall to 660 million tonnes in 2017 – Mr Li Xinchuang of CISA-The 18th China(Guangzhou ) Int’l Casting product Exhibition
4/1/2017 casting expo |
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Reuters reported that Mr Li Xinchuang, president of the China Metallurgical Industry Planning and Research Institute & vice chairman of the China Iron and Steel Association, told an industry conference in Perth that China’s steel demand is expected to fall 1.9% in 2017 to 660 million tonnes.
He told “We think China’s steel consumption will decrease step by step by step, maybe increase some years, like last year. That’s our situation.”
He said iron ore import demand in China had inched up 0.7 percent to 1.1 billion tonnes in 2016, with the country’s dependence on imports at 87 percent of total demand.
The institute sees seaborne iron ore supply increasing by about 50 million tonnes this year, which is about 10 million tonnes more than forecast by world No 2 iron ore miner Rio Tinto
As a result, the institute predicts iron ore prices will range between USD 55 and USD 90 a tonne in 2017, averaging around USD 65.
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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