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.
Source: Xinhua