Steel production will increase by 7 percent this year to reach 730 million tons, according to a report by the Ministry of Industry and Information Technology (MIIT) Wednesday.
Apparent consumption of crude steel will total 690 million tons in 2012, while steel exports are expected to remain at around 50 million tons, and imports will total 15 million tons. Imports of iron ore will increase to 730 million tons.
MIIT said the slow global economy and China's slowing growth mean the demand for steel will dip further.