China: Steel demand from shipbuilding sector likely to exceed 11 mn t in CY'22

Steel demand from China's shipbuilding sector is expected to grow more than 10% on the year to over 11 million tonnes (mnt) in CY'22, for the first time in six years.

In CY'16, steel consumption stood at around 11.5 mnt and that in CY'17 decreased to 8 mnt. The same recovered to 9.8 mnt in CY'21, according to the China's Shipbuilding Industry Association.

As focus on container ships increased in CY'21, new ship building orders saw a significant rise, accounting to 60.9% of total ship building orders.

Among the overall steel demand from the ship building industry in CY'21, demand for heavy plates stood at 8.2 mnt, sections at 0.90 mnt and others at 0.70 mnt.

Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.