China's Share of Global Steel Market Continues Its Growth
Posted on: Saturday, 1 April 2006, 03:02 CST
By Anonymous
IRON ORE
China's increase in domestic steelmaking in recent years is having its impact on the global steel sector as well as the iron ore industry. And it is predicted to continue its growth.
In 2005, the country's crude steel production was nearly 350 Mt (386 million st), according to a report by MEPS International Steel Review. China's share of the global steel output last year was 31 percent, compared with 2004's 26 percent.
China's production growth was partly responsible for the country's higher share, the report said. However, reduced steel output from other countries was also a factor.
Even so, China continued to make more steel. Its 2005 crude steel output was up by nearly 25 percent year on year, the report said. And at the same time, China's production of iron ore increased by about the same amount. Pig iron production in China also increased by about 28 percent during 2005, compared with 2004.
China's steel production should continue to increase, the report said. However, there are signs that it will be at a slower pace. By December 2005, crude steel production had slowed to 16 percent year- on-year growth. And the Chinese Iron and Steel Association said it expects this year's steel output to increase by only 12 percent above 2005 's output, at 390 Mt (430 million st).
The Chinese government wants to consolidate its steel industry into fewer, larger groups and eliminate smaller, inefficient plants. The country currently has 20 steel companies producing more than 4 Mt/a (4.4 million stpy).
India, too, increased its domestic steelmaking during 2005. Crude steel output there increased to more than 38 Mt (42 million st), up 17 percent from 2004. And the country recently adopted a national steel policy. It seeks to increase production to more than 100 Mt (110 million st) by 2020, as well as encouraging foreign investment.
Copyright Society for Mining, Metallurgy, and Exploration, Inc. Mar 2006
Source: Mining Engineering
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