Growth in global steel demand will weaken over the next two years because of slo...
LONDON - Growth in global steel demand will weaken over the next two years because of slowing economies, sluggish manufacturing in China and the Sino-U.S. trade war, the World Steel Association said on Tuesday.
China, which consumes about half the world’s steel, has seen its economy decelerate mildly while the government continues to steer the country away from investment-led to consumption-led growth, worldsteel said in a statement. Worldsteel pegged demand this year at 1.735 billion tonnes, followed by 1.752 billion tonnes in 2020.
Expectations that the government will boost stimulus measures to support infrastructure projects pushed China’s Shanghai steel futures to a 7-1/2-year high on Monday.
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