SHANGHAI (Reuters) - Apparent steel consumption in China, the world’s biggest producer and consumer, fell 5.7 percent to 590.47 million tonnes in the first 10 months of the year, the China Iron and Steel Association (CISA) said on Friday.
The figure was disclosed by CISA vice-secretary general Wang Yingsheng at a conference.
China’s massive steel industry has been hit by weakening demand and a huge 400 million tonne per annum capacity surplus that has sapped prices.
Producers have relied on export markets to offset the decline in domestic demand, but crude steel output still declined 2.2 percent in the first 10 months of the year, according to official data.
Reporting by Ruby Lian and David Stanway; Editing by Michael Perry