Steel consumption to rise 7.7% this year

The nation's steel consumption is expected to rise 7.7 percent to 725 million metric tons this year amid an improving economy and better performance of major steel consumers, an industry research and planning institute said on Monday.

The country's steel demand will grow by 0.7 percent to 730 million tons in 2018, said a report from the China Metallurgical Industry Planning and Research Institute.

China's crude steel output will increase 3 percent year-on-year to 832 million tons in 2017, and by a further 0.7 percent to 838 million tons next year.