The proportion of steel used in China’s manufacturing sector rose to 50pct in 2024, up from 42pct in 2020, according to Yao Lin, head of the China Iron and Steel Association (CISA).
This increase is driven by strong demand in the new energy and infrastructure sectors, prompting steel companies to enhance their product portfolios and focus on high-end and specialty steel production.
Looking ahead to 2025, Yao expects continued growth in steel demand, fueled by large-scale equipment upgrades and consumer goods trade-ins. He also anticipates a rebound in demand for high-strength steel in sectors such as construction machinery and mining equipment. Yao stressed the importance of strengthening collaboration between steel producers and key downstream industries, including construction, shipbuilding, and transportation.
