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China Daily Website

Steel use predicted to rise

Updated: 2013-12-06 15:21

China will use about 715 million metric tons of steel in 2014, a jump of 3.2 percent year-on-year, an official predicted on Dec 6.

The growth rate was based on estimates that steel consumption will reach 693 million tons in 2013.

China will import 850 million tons of iron ore in 2014, accounting for more than 70 percent of total demand, said Li Xinchuang, head of the China Metallurgical Industry Planning and Research Institute.

China imported 669 million tons of iron ore for the first 10 months this year. Li estimated the whole-year iron ore imports will reach 800 million tons, a 7.5 percent increase on last year.

"Generally speaking, the steel industry will improve a bit next year," he said.

The government will carry out several reform policies to boost the economy as well as investment policies in various sectors, including high-speed rail, transportation and energy-saving, which will be beneficial to the steel industry.