MYSTEEL: China's steel consumption to rise 0.6% in 2023

China's apparent consumption of crude steel is expected to edge up by 5.97 million tonnes or 0.6% on year to 973.9 million tonnes in 2023, Mysteel predicts in its newly-published forecast for the domestic steel market for this year.

The country's largest steel-consuming sector, property, is expected to recover gradually in 2023, and its drag on China's economic development may weaken. Property sales may grow slowly with the improved confidence of consumers, speeding the recovery in property investment in the second half year, the forecast suggests. However, the real estate