China accounts for about 60% of world's stainless steel production, with 80% dependence of raw materials on foreign source
19 Oct 2020 16:45 reported by Andrew Zhang
Zhong Shaoliang, the representative of the Worldsteel in Beijing, said that affected by the epidemic situation, China's stainless steel production in the world was expected to rise to 60% or even higher in 2020, and continue to maintain the first position in the world.
Due to the impact of the epidemic this year, steel production and demand in other countries in the world have declined, and stainless steel enterprises have reduced production in succession. China's economy has taken the lead in recovering and steel production has risen instead of falling.
However, nickel and chromium resources, the main raw materials for stainless steel production, are highly dependent on imports, of which nickel ore is more than 80% and chromium ore is nearly 100%. As a result, China's stainless steel industry is vulnerable to the impact of international metal prices.
It was predicted that the demand for stainless steel in China will reach about 30 million tons by 2025. In order to ensure the safety of the industrial, Li Xinchuang, vice president of the China Metallurgical Industry Planning and Research Institute chain, proposed to increase resource exploration in China to maximize production capacity.
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