It is expected that the demand for steel in industries such as machinery will grow in 2025.
The recent forecast released by the Metallurgical Industry Planning and Research Institute for China's steel demand in 2025 shows that this year, the consumption of steel in industries such as machinery, automobiles, energy, shipbuilding, and home appliances is on the rise. The implementation of more proactive fiscal policies and moderately loose monetary policies will provide effective support for the overall stability of steel demand. It is expected that the demand for steel in the aforementioned industries will continue to grow by 2025.
Guan Zhijie, Deputy Chief Engineer of the Metallurgical Industry Planning and Research Institute, stated that specifically, the demand for excavators and loaders closely related to infrastructure construction in the engineering machinery sector is showing signs of recovery. In the agricultural machinery sector, there is a noticeable increase in demand for large tractors. The market demand in the machine tool industry is showing a recovery growth. The development of the machinery industry is expected to continue its overall trend of steady progress, driving an increase in steel demand in the machinery sector.
In addition, it has been reported that the effect of the old-for-new policy in the home appliance industry is becoming evident, and overseas demand continues to recover, maintaining a high level of prosperity for China's home appliance exports. Guan Zhijie mentioned that as the old-for-new efforts for home appliances intensify and companies accelerate their internationalization, the demand for steel in China's home appliance industry will continue to grow.
