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China steel consumption to peak at 740 mln T in 2017

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Publish time: 28th November, 2014      Source: www.cnchemicals.com
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China's steel consumption will peak at 740 million tonnes in 2017, said Li Xingchuang, president of the China Metallurgical Industry Planning Association, at a Platts steel conference in Shanghai on November 27.The forecast is well below the 1 billion tonne forecasts of Rio Tinto, BHP Billiton and Fortescue Metals Group, who all broadly believe Chinese steel consumption will not peak until beyond 2030.Li said it was "not realistic" to think that Chinese consumption would ever get beyond 1 billion tonnes.Li, who has been involved in the formulation of China’s five year plans, said steel consumption would increase by 3% this year to 710 million tonnes.In 2015 he predicts consumption growth will slow to 1.4%, before peaking at around 740 million tonnes in 2017.Li said China's overall production would peak around 850 million tonnes in the coming years if exports could be maintained. He believes overall production will grow at 1.7% next year to around 834 million tonnes.