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Steel consumption in China decreased

Steel consumption decreased in China 2022, steel consumption in China down by 3.3% y-o-y.

Steel consumption in China decreased
Steel consumption in China has been decreasing for two years. According to the data, steel consumption decreased to 914 million tons in 2022, a decrease of 3.3% compared to the previous year, and to 83 million tons with a decrease of 8.3% compared to 2020. 
Steel producers reduced their production by 2.2% to 1.01 billion tonnes, but a recovery in production is projected for 2023. In addition to resource and energy constraints, the pressure on Chinese steel products continues. 
According to their forecasts, in 2023, steel demand due to the infrastructure industry will increase by 1.0% to reach 1.814 billion tons.

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