[Ferro-Alloys.com] China's steel industry is expected to keep growing in 2021. China is on pace to produce 1.05bn t of crude steel in 2020 after raising output by 5.5pc to 961.16mn t through November to meet record demand following its rapid control of the Covid-19 outbreak and sustained policy support for housing, infrastructure and manufacturing.

China's crude steel output is likely to rise to 1.1bn t in 2021 to meet demand from exports and domestic manufacturing and construction projects, supported by government stimulus measures, market participants said.

Australian government commodity forecaster the Office of the Chief Economist (OCE) has raised its forecast for Chinese iron ore demand in 2020 but cut its projection for Brazilian exports by over a quarter.

The OCE has raised its 2020 Chinese demand forecast by 4.5pc to 1.21bn t from its previous projection of 1.16bn t in September, reflecting the impact of government spending on transport infrastructure including rail and road projects.

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