BEIJING: China’s 2020 crude steel output is expected to exceed 1 billion tonnes, up 3-5% year-on-year, as consumption is seen rising on an annual basis due to favourable government policies, an industry association said at a briefing on Monday

China Iron and Steel Association (CISA) said its steelmaker members are positive about the market as fourth-quarter orders were “relatively full”, Qu Xiuli, vice chairwoman of CISA, said at the briefing.

China, the worlds top steel producer and consumer, has churned out 781.59 million tonnes of the metal in the first nine months of this year and hit a record daily crude steel output in September.

The industry body expects steel prices to be relatively stable in the last quarter of this year.

Construction steel rebar on the Shanghai Futures Exchange dropped 0.9%, while hot-rolled coil lost 0.4% and stainless steel slumped 1.8%.

The steel body expects China’s steel imports to drop and exports to recover in the fourth quarter on a quarterly basis as the overseas market, which has been reeling from the COVID-19 pandemic, is gradually recovering and as steel price spreads are narrowing.

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