According to report of the state-owned China Securities Journal, China's consumption of steel products is expected to hit 646 million tons in 2012, higher than that in this year, Reuters reported.
The report indicated that the China Metallurgical Industry Planning and Research Institute predicted that the country's consumption of finished steel products would be at 610 million tons this year.
Meanwhile, it said that the demand from construction industry which consumes more than half of total steel output would increase by 4% to reach 350 million tons this year.
China's steel demand from auto sectors is forecasted to reach 44 million tons in 2012, increased by 10% year on year and the demand from machinery sector would increase by 8.5% to 128 million tons in 2012