China Iron ore import are expected to rise 6.3%, to record new high of the 850 MnT next year. China has already imported 668.3 MnT of Iron ore in first 10 months recording an increase by 10% from last year. It is expected to reach 800 MnT for full year.
“Steel demand in world’s largest producer and consumer country China is expected to grow modestly next year as steel consuming sectors except for ship building has shown improvement from 2013”- said China Metallurgical Industry Planning and Research Institute.
It forecast that China’s Steel output would increase to 810 MnT, up 3.8% from its previous estimation of 780 MnT.
Currently its Steel production is up by 8%, recording 652.5 MnT from January to October compared to last year.
Steel consumption will rise 3.2% to new high of 715 MnT from its previous records of 693 MnT.
Even though government here fails to conclude decision regarding property sector in its meeting, the demand for steel in infrastructure is still expected to grow by 2.4% and reach to 390 MnT in 2014.
China government is expected to come out with series of reforms to continue its steady economic growth and to provide strength to investments in construction of infrastructure of less-developed western areas, Institute said.
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