China will consume some 70% of steel refining capacity in 2009

Published: 12 May 2009 02:59:11 PST

China will consume some 70% of steel refining capacity in 2009 May 12 MetalBiz--China's utilization rate of steel refining capacity in 2009 is predicted to reach 71.64%, a record low since 2001, stated a specialist with Industrial Economy Institute of Chinese Academy of Sciences at a recent forum on steel industry's regrouping.

The country's utilization rate of steel refining capacity reached 75.83% in 2008 while it hovered over 80% from 2001 to 2007 with the peak of 92.35% in 2002.

China manufactured 127.44mln tons of crude steel in the first quarter, up 1.39 percent on y-o-y basis compared to a 22.92% decline of steel output all over the world in the same period.

The domestic crude steel capacity maintained at a high level in the first three months mainly due to recovering demand for building steels. And the plate sector is still faced with serious oversupply pressure.