Steel consumption in China remains stable this year

China's gross domestic product (GDP) will grow by 6.5% in 2017, according to the metallurgical industry and the Planning Research Institute of China.

Due to changes in the structure of China's industrial production and trends in the steel and commodity markets, as well as forecasts of China's GDP in 2017, the growth of steel consumption in the country will continue to decline.

Meanwhile, consumption will shift towards the use of corrosion-resistant steels with high strength and high toughness. The intensity of demand for this steel will increase per unit of production.

China's actual steel consumption is projected to be around 660 million tonnes in 2017, which remains broadly stable. At the same time, the government also points out that China plans to cut its steel production capacity by 50 million tons in 2017.