SINGAPORE, May 24 (SMM) – China’s demand for iron ore is declining in the long run as its steel production has peaked, said to Liu Zhenjiang, secretary general of the China Iron and Steel Association (CISA).
However, the decline will be a slow and gradual process, he told delegates at the Singapore Iron Ore Forum on Thursday May 24.
China has produced 10 billion mt of steel over the past 20 years and such reserves will fuel the growing use of scrap in the future, Liu said
Mills will monitor scrap prices and the quality of steel produced from a higher ratio of scrap usage, he added.
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