In recent months, the global steel industry has seen rapid growth, with China’s economy growing by a staggering 9.4 percent in the past year, according to the International Federation of Steel Industries (IFSI).
This growth is not sustainable, according the IFSI, as the pace of growth in the steel industry will continue to accelerate over the coming years, as steel consumption grows.
“We are seeing this growth with Chinese steel, and it is a direct result of the increase in global steel demand,” said Tom Zawada, a senior analyst at IHS, in a recent interview.
“There are three things that are driving the growth in global demand for steel.”
The growth in steel consumption has been driven by an explosion in demand for industrial steel.
“The demand for this product is very high, and there are a lot of different things that drive that,” said Zawad.
“If you look at the industrial use of steel, you will see that the number of applications in the US is going up, but it’s not the industrial application.
In the industrial applications, you have the mining and the power generation and so on.
In general, steel is used for all these different things, and steel consumption is the biggest application for steel,” Zawads said.
“But if you look into the domestic application, steel manufacturing, it’s the most basic of all, because it is the most critical use for steel in the industrial sector.
You need steel for the engine, the pipe, the fuel system, the power systems, all the things that make up the industrial steel.”
While the steel market is a global phenomenon, it is also highly concentrated in a small number of major steel producing countries.
While China is now the world’s largest steel producer, its demand for raw materials and its steel manufacturing has been stagnant since it launched its new national steel industry in 2000.
China’s growth in industrial steel consumption, on the other hand, is driven by the massive increase in demand across the world for steel, as countries such as the United States, Germany, France, Brazil, and India are also seeing huge growth in demand.
These are the same countries that are seeing huge demand growth in China’s steel industry.
“I think that’s where the demand for the steel is coming from.
It’s the countries that have the most to gain, and the countries with the most capacity,” said IHS Steel Analyst Tom Zaws.
“So it’s coming from all over the world.
It comes from the U.S., and it comes from all these other countries that need steel, too,” he added.
While the demand is growing in China, the country has also been able to increase the production of steel at a rapid pace.
While demand has been growing for the industrial version of steel in China over the past few years, demand for production of domestic steel is much higher than demand for domestic steel in other countries.
“China has been able now to ramp up production of the steel, the domestic steel, at a rate of 1.5 to 2.0 percent a year,” said Kevin Koehler, director of the Steel Analysis Center at the University of Michigan.
“That is way higher than the global average of about 0.5 percent a few years ago.
This is the first time in a while that China has ramped up production.”
While China’s domestic steel production is up, domestic demand is not, and that is likely to continue for the foreseeable future.
“With the growth of domestic demand for new products and the capacity building of steel mills, you’re going to see a lot more growth in domestic steel demand in the future,” Zaws said.
In recent years, the steel industries have been under tremendous pressure to expand production.
The Industrial Competitiveness Strategy, which was released by the International Steel Association (ISA) in September of this year, called for the rapid growth of the global industry.
The goal of the ICS is to help China “develop the capability to meet its growing steel needs at a level that allows it to maintain its current competitive position,” according to a press release from the IASI.
China has been actively trying to ramp-up production and reduce its costs to the point where it can compete with the rest of the world in the global market.
But steel demand has remained stagnant over the last several years, and as the global demand increases, so too has the demand that steel manufacturers are seeing in the United Kingdom, Germany and the United Arab Emirates.
The ICS hopes that the next five to ten years will see China becoming the world leader in steel production, but that is not happening any time soon.
“While there is some concern about the U:A., there is a lot to be concerned about for the industry as a whole,” Zawaas said.