China steel demand to rise 3.1% in 2013, CISA says

Steel demand in China will grow by 3.1% in 2013, up from a 2.5% growth rate in 2012, according to the China Iron & Steel Assn (Cisa).

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China’s economy is recovering after Beijing introduced a series of policies to maintain stable growth, but steel prices will still be volatile as demand improves, the group said.

“Steel demand this year will be better than last year, but overcapacity and oversupply problems have no obvious improvement, and steel prices will find it hard to rise significantly,” Cisa said.

Official Chinese data showed that the country’s GDP increased by 7.8% in 2012, and its annual crude steel output reached a record of 716.5 million tonnes.

Worldwide steel demand in 2013 is expected to rise by 3.2%, according to forecasts from the World Steel Assn.

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