China has become the world's largest stainless steel producer
with its output exceeding five millions tons in 2006 for the first
time, up 60 percent or three million tons from 2005.
The growth more than quadrupled the world average of 14 percent
projected by the MEPS, a UK steel consultancy.
The world's total stainless steel output was expected to hit
27.8 million tons last year, about 3.4 million tons more than the
previous year.
China's National Development and Reform Commission attributed
the production boom to a wealth of projects approved in 2005,
involving Taiyuan Steel, Baosteel and Jiuquan Iron and Steel
Group.
China's stainless steel production capacity reached 12 million
tons by December 2006 with no less than 20 new plants to commence
production this year.
World demand for the raw material of stainless steel, nickel,
has shot up. Chinese steel plants were expected to consume 200,000
tons of nickel this year and 400,000 tons in next few years, said
CRU, a London-based independent consultancy group focusing on
metals and energy.
(Xinhua News Agency January 20, 2007)