ArcelorMittal foresees decrease in China’s steel demand
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Update time : 2021-11-16 20:55:41
ArcelorMittal, a leading steel manufacturer in the world, warned that China's steel demand will shrink this year as China’s real estate industry is facing headwinds.
China, the largest steel producer and consumer in the world, accounts for more than half of the total demand. However, the debt crisis on the real estate industry dragged economic activities and decrease demand for commodities such as steel.
Therefore, ArcelorMittal foresaw that China’s steel demand this year will be slightly lower than last year, lower than the 3%-5% growth in annual demand predicted in July.
As for regions outside China, ArcelorMittal maintained its expected annual demand growth at 12%-13%, as governments gradually ease blockade measures, which is driving economic recovery.
