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Economy

China's appetite for steel softens as trade war hits home

Domestic production hiked to prop up economy, risking global glut

A steel mill in Henan Province: Despite softening demand, China's crude steel output is on pace to set an annual record.   © Reuters

MONTERREY, Mexico -- China's demand for steel next year is poised to weaken as domestic industries grapple with the repercussions from the trade war with the U.S.

China's steel demand is projected to grow 1% to 909 million tons in 2020, according to World Steel Association figures, sharply lower than the 7.8% growth forecast for 2019. Speaking to reporters on Monday at the association's annual general assembly in Mexico, Director General Edwin Basson said the prolonged trade war has had a negative effect on China's home industries.

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