Steel output of China hits record as production goes up by 400% in 10 years. The production of the commodity has increased at a rapid pace as the economy industrialized and urbanized over the past 10 years.
Output of China's crude steel was 182 million tons in 2002 and is expected at 715 million tons in 2012.In the global crude steel production and stainless steel industry, China has become a powerhouse .
World crude steel production reached 1,527 million tons in 2011 even as China's crude steel output increased 8.9 percent year-on-year to 683.27 million tonnes in 2011.
Chinese steel mills are increasing production, evoking huge concerns for steel mills in EU, US and India while the global steel prices and demands weaken.
The 400% expansion of steel production over the past 10 years has been a significant driver of China’s demand for raw materials, especially when it came to iron ore, coking coal, nickel, ferrochrome, chrome ore and other minerals.
The global steel market is now totally dominated by China with steel production incerasing 2% in August.
Albanian Minerals is expecting China will produce near 50 percent of world's crude steel in 2012. China’s crude steel production for June 2012 was 60.2 Mt and for July 2012 was 61.7 Mt.
Source: Commodity Online