China's steel demand in 2020 is expected to be 881 million tons, down 0.6% year on year, li xinchuang, President of the China metallurgical industry planning and research institute, said at a press conference on the results of the research on China's and global steel demand forecast in 2020.

Global steel demand is expected to be about 1.802 billion tons, up 1.2 percent year on year.

In 2019, benefiting from the steady growth of China's domestic economy, the consumption of steel in construction, machinery, energy, home appliances and other major downstream industries maintained a good growth trend, and the overall consumption of steel in China achieved rapid growth.

Li xinchuang said that although China's economy will maintain a stable development trend in 2020, the steel demand of construction, automobile, shipbuilding and other industries will decline, the steel demand of machinery industry will remain basically unchanged, and the steel demand of energy, home appliances and other industries will continue to grow.

Globally, global economic growth is on the decline in 2019.

Major economies are slowing down at the same pace, the us economy is showing signs of slowing down, the economic outlook in Europe is still dim, and some emerging economies are showing slight improvement in their economic performance. However, potential risks should not be ignored. There is still considerable uncertainty about global economic development in 2020.

Based on the analysis of global and regional economic development and steel demand, the metallurgical industry planning and research institute estimated that the global steel consumption in 2019 will be about 1.781 billion tons, with a year-on-year growth of 4.1%.

Global steel demand in 2020 is about 1.802 billion tons, up 1.2% year on year.

According to the forecast data, there is little change in the global steel consumption pattern in 2019 and 2020, li said.

Asia's steel consumption will remain the world's largest.