CHINA July 19 2017 4:13 PM
BEIJING (Scrap Register): In the next few years, China's Iron Ore demand is expected to decline on the back of increasing awareness of environmental protection and increased consumption of scrap steel.
China's Iron Ore Consumption by 2020 is expected to reach about 960 million tons, which when compared to year on year a decline of 150 million tons is seen, as per research note from Industrial Securities.
They also quoted “In the future, with more scrap being used by Chinese steel companies, iron ore demand will drop gradually. Since the beginning of this year, the scrap ratio has noticeably increased in China's steel making industry.”
During the first quarter of this year, China's Steel consumption was 25.3 million tons which increased by about 29.7 percent when compared to the corresponding period last year, with a scrap ratio of 12.58 percent, up from11.1 percent in 2016.