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Steel forecasts down
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GLOBAL demand for steel will grow by just 2 percent this year owing to a rebalancing of the Chinese economy and a slowdown in other emerging countries, the sector’s trade body said yesterday.
The growth forecast to 1,562 million tons in steel use by the World Steel Association is down from the 3.1 percent rate it forecast in April and the 3.8 percent recorded in 2013.
Hans Juergen Kerhoff, head of the association’s economics committee, said: “The slowdown in China’s steel demand reflecting the structural transformation of the economy has contributed significantly to our lower global growth projection,” he added.
The WSA expects just 1 percent growth in China’s steel use this year, and 0.8 percent growth in 2015.
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