Slower-than-expected global economic recovery and weakening manufacturing are likely to exert a negative impact on steel demand in 2015 and 2016, according to an industry report released on Monday.
China Metallurgical Industry Planning and Research Institute predicts that global demand for steel will fall by 2 percent and 0.9 percent year on year to 1.513 billion metric tons (tonnes) and 1.499 billion tonnes in 2015 and 2016 respectively.
Meanwhile, Chinese domestic demand for steel will decline 4.8 percent year on year and 3 percent year on year to 668 million tonnes and 648 million tonnes in 2015 and 2016 respectively.
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