Wednesday, September 29,
Global crude steel production is on track to hit record highs this year and the next, largely driven by top producer China, where booming output and demand has overcome that of the recession-hit developed world.
A government campaign to cut production in the world’s top producer and consumer did not manage to reduce the forecasts for Chinese output of around 620-630 million tonnes this year, up 9-10 percent from 2009.
Analysts predict global steel production to be near or hit 1.4 billion tonnes this year, its highest ever and 4% above the pre-crisis high of 1.345 billion tonnes in 2007.
“If you look at the first half of the year, with China’s production annualized, global output is looking at 1.5 billion tonnes,” said an analyst Colin Hamilton. “So even with these cutbacks, we’re still pretty comfortable with the 1.4 billion figures.”
Source: Reuters
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