Beijing sees steel demand slowdown

BEIJING, China (Xinhua) — China’s demand for steel is expected to fall slightly to 874 million tonnes in 2020, said a forecast report.

The steel demand of the construction industry is forecast to dip by 0.6 percent year on year to 475 million tonnes, according to the report from China Metallurgical Industry Planning and Research Institute.

The machinery industry is likely to see its demand remain basically stable next year at 142 million tonnes.

The automobile sector is expected to see the biggest demand decline, down by 3.6 percent year on year. Demand from the sector will likely to reach 48.2 million tonnes.

Bucking the trend, the energy industry is expected to see its demand rise by 1.5 percent to 34.5 million tonnes, the report said.