ArcelorMittal, one of the world's leading steelmakers, warned that China's steel demand will contract this year as China's real estate sector faces headwinds.
China, the world's largest producer and consumer of steel, accounts for more than half of total demand. However, the debt crisis in the real estate sector dragged economic activity and lowered the demand for commodities such as steel.
Therefore, ArcelorMittal predicted that China's steel demand this year will be slightly lower than last year, remaining below the forecasted 3-5% annual demand growth in July.
As for regions outside of China, ArcelorMittal maintained its expected annual demand growth of 12-13% as governments gradually eased the blockade measures that enabled the economic recovery.
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