China’s steel consumption fell 5
percent year on year during the first quarter of the year (Q1) partly due to
waning demand as the resurgence of domestic COVID-19 cases slowed down the
construction of many projects.
From January to March, steel
consumption of the building industry dropped 7 percent from a year ago, while
that of the manufacturing sector dipped 2 percent, said Qu Xiuli, vice
chairperson of the China Iron and Steel Association.
The global uncertainties also
caused a decline in steel exports and imports, she said.
However, China’s whole-year steel
consumption will likely remain flat from that of last year with the
implementation of measures to stabilize growth, said Shi Hongwei, deputy
secretary-general of the association.”The previously pent-up steel consumption
will not disappear. It will only be delayed,” Shi said.