As a barometer for global growth, it is hardly encouraging. Steel demand in China, the world’s biggest consumer, is set to slow this year as cooling construction demand damps appetite for the metal, according to industry experts and analysts.
China’s demand for steel has soared over the past decade, with annual growth averaging 15 per cent, building the country into a powerhouse that accounts for more than 40 per cent of global steel production.
But last year steel demand growth slowed to 8 per cent and this year it could slow to 4 per cent, according to the China Iron and Steel Association, an industry body representing big mills.
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