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Chinanews, Beijing, Aug. 1 – It is expected that China's crude steel production will reach 480 million tons in 2007 and by 2010, domestic demand for crude steel will top 500 million tons, according to information released by the China Iron and Steel Association (CISA) on Monday.
During the second half of this year, the national economy will maintain the momentum1 of a fast growth. Investment, consumption and export will also continue to grow quickly. As a result, demand for steel will remain strong. As China will reduce its export volume during the second half of the year, the strong demand in domestic market can be met with the increase in supply. It is expected that the demand for crude steel will reach 446 million tons for the whole year, 12% more than in 2006. At the same time, crude steel production will reach 480 million tons for the whole year, 14% more than last year, said Luo Bingsheng, CISA vice2 chairman. Since 2000, crude steel production has increased at a fast rate in China. In 2006, China's crude steel production reached 420 million tons, an all-time high. According to information released by International Iron and Steel Institute, in 2006 world crude steel production reached 1.24 billion tons, of which China's crude steel output accounted for 34%. In a report issued by Morgan Stanley, the global investment bank predicts that China's steel output will hit 500 million tons this year.
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