Boosted by the government’s economic stimulus package, both crude steel output and consumption in China were expected to hit a record high in 2009, said Qi Xiangdong, vice secretary-general of China Iron and Steel Association (CISA).

The CISA estimated both the country’s production volume and apparent
consumption of crude steel would exceed 565 million tonnes this year,
while the actual consumption might top 500 million tonnes.

Daily crude steel output topped 1.66 million tonnes in October, up 42.4
percent year on year, which means annual production may reach 600
million tonnes a year at this rate, Qi said at a forum on the steel
market held here recently.

The government’s economic stimulus package has helped domestic steel
industry counter the impact of shrinking global demand, he said.

China produced 500 million tonnes of crude steel last year, accounting for 38 percent of the world’s total.

Source: Xinhua

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