China's stainless steel production is expected to rise by 2.1% this year to more than 30 million tonnes amid robust demand for the corrosion-resistant metal, an official from an industry body said on Thursday.
Apparent stainless steel consumption in China, the biggest market, is set to rise by 6.4% to 25.5 million tonnes this year, Liu Fuxing, executive vice president of the Stainless Steel Council of China Special Steel Enterprises Association, said at a nickel and cobalt conference in Nanjing.
The main use of nickel is in the production of stainless steel.
After a 14.1% drop in the first quarter due to the coronavirus outbreak, China’s stainless steel consumption recovered quickly in the second quarter and is set to record stable growth in the second half of the year, Liu said.
China's stainless steel imports – which mostly come from Indonesia, where Chinese firms including top producer Tsingshan Holding Group have mills – were up 24.3% year-on-year at 1.1 million tonnes in the first nine months of 2020, while exports fell by 12.4% to 2.37 million tonnes over that period, Liu said.
He explained the decline in Chinese exports was due to trade disputes between China and the United States, EU, Japan and South Korea, which have led to imposition of duties on shipments.
Source:Reuters
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