China's 2013 steel consumption expected to hit 683 million tons

(MENAFN) Crude steel consumption in China is projected to hit 693 million tons this year, and its production to go up 3.2 percent from 2012, Xinhua reported. The head of the China Metallurgical Industry Planning and Research Institute said that this production rate will prolong the steel industry"s struggle with overcapacity. China is the biggest steel consumer and producer in the world. But demand in the country"s iron and steel sector has been weak and leading to lower prices and overcapacity, which hit the sector in the country.