Baosteel: Steel consumption in China fell by almost 3%

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BaosteelAccording to Baosteel, the volume of visible steel consumption in China for the year will fall to 698 million tons in 2015 to 680 million. Tons. in the short term, steel prices should show growth due to the seasonal recovery in demand and the measures the Chinese government to reduce the overcapacity in the steel industry.

At the end of 2016 metallurgical company, steelmaker №2 in the country, expects to export more than 3.4 mln. Tons of metal. In the nearest plans of Baosteel – the reduction of excess capacity and unprofitable. By 2018, the company intends to reduce their volume to Baosteel12.2 million. Tons. Previously voiced by the volume of 9.2 mln. tons.

One of the trends in China’s iron and steel industry of Baosteel believes, will be the consolidation of power in connection with this, the company expects the market for new mergers and acquisitions. Data on the joint restructuring with Wuhan Steel has not yet been disclosed.

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