Steel Demand in China Dropping Through ’16 as Growth Slows

Steel demand in China will shrink this year and next to extend the first annual contraction since 1995 as economic growth in the world’s biggest producer slows, according to the World Steel Association.

China’s steel use will drop 0.5 percent to 707.2 million metric tons in 2015 and fall to 703.7 million tons next year, the group said in a statement. In 2014, demand declined 3.3 percent to 710.8 million tons, according to the Brussels-based body, whose members account for 85 percent of global output.