Stainless steel production in China to exceed 30 million tons in 2020
Stainless steel production in China is expected to grow 2.1% this year to over 30 million tonnes amid strong demand for the corrosion-resistant metal, an industry official said Thursday.
Apparent consumption of stainless steel in China, the largest market, will grow 6.4% this year to 25.5 million tonnes, Liu Fuxing, executive vice president of the Stainless Steel Council of the China Special Steel Enterprises Association, said at the nickel and cobalt conference. in Nanjing.
Nickel is mainly used in the production of stainless steel.
After falling 14.1% in the first quarter due to the coronavirus outbreak, China’s stainless steel consumption rebounded quickly in the second quarter and will be at a record stable in the second half of the year, Liu said.
China’s stainless steel imports, which mainly come from Indonesia, where Chinese companies, including the leading producer Tsingshan Holding Group, have factories, grew 24.3% year-on-year to 1.1 million tonnes in the first nine months of 2020, and exports fell 12.4%. up to 2.37 million tons over this period, Liu said.
He attributed the decline in Chinese exports to trade disputes between China and the US, EU, Japan and South Korea, which led to the imposition of supply duties.