China's steel demand growth will slow

The global short-term steel demand forecast report issued by the World Steel Association on April 9th ​​shows that the growth rate of China's steel demand will slow down this year and next year, which is consistent with the maturity of the Chinese economy.

The report predicts that the growth rate of China's steel demand in 2014 will fall from 6.1% in 2013 to 3.0%, and the total demand will be 721 million tons. In 2015, the growth rate of China's steel demand will drop to 2.7%, and the total demand will be 741 million tons.

According to Edwin Basong, Director-General of the World Iron and Steel Association, the slowdown in China's steel demand growth has deep economic and social reasons. The most important reason is that the Chinese government has advocated changing the mode of economic growth in recent years. From the past, more investment has been promoted. The economy has changed into more consumption-led economy.