CHINA October 14 2015 3:35 PM

SHANGHAI (Scrap Register): The Chinese economy has decelerated as the impact of the rebalancing measures on the investment and real estate sector turned out to be more severe than expected, said the World Steel Association (worldsteel).

As a result, activities in the construction and manufacturing sectors have slowed considerably. China’s steel demand is expected to decrease by 3.5% in 2015 and 2.0% in 2016, following its demand peak in 2013. 

There is an increasing risk associated with this economic slowdown and the consequent financial market volatility, which has become a global concern. 

worldsteel also forecasts that global steel demand will decrease by 1.7% to 1,513 Mt in 2015 following growth of 0.7% in 2014. In 2016, it is forecast that world steel demand will show growth of 0.7% and will reach 1,523 Mt.