China’s sector-wise steel demand projected at 959 mn t in CY’22

According to China Iron and Steel Association (CISA), China witnessed a drop in steel production to an estimated 1.03 billion tonnes (bn t) in CY’21 from 1.065 bn t in 2020. It is estimated that the demand for steel in the national construction industry in CY’22 will be about 551 mn t, a slight decrease of 0.9% y-o-y, whereas the demand for steel in the machinery industry will be about 170 mn t, a slight increase of 0.6% on the year. The demand for steel in the automotive industry is expected to be about 56 mn t in CY’22, up 2.8% on the year.