Reuters reported that China Metallurgical Industry Planning and Research Institute said that China's steel consumption, following an expected decline of 4.7% this year to 954 million tonnes, will dip 0.7% on an annual basis in 2022 to 947 million tonnes as tougher policies for the real estate market and uncertainties linked to COVID-19 curb demand. China Metallurgical Industry Planning and Research Institute said “Supported by a proactive fiscal policy and prudent monetary policy, the overall economy will remain stable, but easing property investment, as well as uncertainties caused by the pandemic and raw material prices will depress steel demand. Consumption in the construction sector, energy and containers will decrease slightly in 2022 while steel demand for machinery, automobile, shipbuilding and home appliances is anticipated to continue growing. Overall steel consumption will find some support as the government is expected to bring forward infrastructure constructions appropriately.The MPI said China will produce 1.04 billion tonnes of crude steel this year, down from a peak of 1.065 billion tonnes last year. For 2022, the production is set to decline further as China aims to bring its carbon dioxide emissions to a peak by 2030. MPI added that driven by falling steel production and increased use of steel scrap, demand for major steelmaking ingredients will also falter.2021Steel products demand - 954 million tonne, down 4.7 YoYCrude steel output – 1040 million tonne, down 2.3 YoYPig iron output - 863 million tonne, down 2.8 YoYIron ore demand - 1364 million tonne, down 2.8 YoYIron ore imports - 1130 million tonne, down 3.4 YoYCoke output – 470 million tonne, down 0.2 YoYCoking coal demand – 1040 million tonne, down 0.2 YoY2022Steel products demand - 947 million tonne, down 0.7 YoYCrude steel output – 1017 million tonne, down 2.2 YoYPig iron output - 824 million tonne, down 4.5 YoYIron ore demand – 1302 million tonne, down 4.5 YoYIron ore imports - 1080 million tonne, down 4.4 YoYCoke output – 460 million tonne, down 2.1 YoYCoking coal demand – 1010 million tonne, down 2.9 YoY
Reuters reported that China Metallurgical Industry Planning and Research Institute said that China's steel consumption, following an expected decline of 4.7% this year to 954 million tonnes, will dip 0.7% on an annual basis in 2022 to 947 million tonnes as tougher policies for the real estate market and uncertainties linked to COVID-19 curb demand. China Metallurgical Industry Planning and Research Institute said “Supported by a proactive fiscal policy and prudent monetary policy, the overall economy will remain stable, but easing property investment, as well as uncertainties caused by the pandemic and raw material prices will depress steel demand. Consumption in the construction sector, energy and containers will decrease slightly in 2022 while steel demand for machinery, automobile, shipbuilding and home appliances is anticipated to continue growing. Overall steel consumption will find some support as the government is expected to bring forward infrastructure constructions appropriately.The MPI said China will produce 1.04 billion tonnes of crude steel this year, down from a peak of 1.065 billion tonnes last year. For 2022, the production is set to decline further as China aims to bring its carbon dioxide emissions to a peak by 2030. MPI added that driven by falling steel production and increased use of steel scrap, demand for major steelmaking ingredients will also falter.2021Steel products demand - 954 million tonne, down 4.7 YoYCrude steel output – 1040 million tonne, down 2.3 YoYPig iron output - 863 million tonne, down 2.8 YoYIron ore demand - 1364 million tonne, down 2.8 YoYIron ore imports - 1130 million tonne, down 3.4 YoYCoke output – 470 million tonne, down 0.2 YoYCoking coal demand – 1040 million tonne, down 0.2 YoY2022Steel products demand - 947 million tonne, down 0.7 YoYCrude steel output – 1017 million tonne, down 2.2 YoYPig iron output - 824 million tonne, down 4.5 YoYIron ore demand – 1302 million tonne, down 4.5 YoYIron ore imports - 1080 million tonne, down 4.4 YoYCoke output – 460 million tonne, down 2.1 YoYCoking coal demand – 1010 million tonne, down 2.9 YoY
