(MENAFN) China's Ministry of Industry and Information Technology announced that the country's output of crude steel rose by 3.1 percent in 2012 from a year before to 716.54 million tons, reported Xinhua News.
In the current year, the country's output of crude steel is expected to reach nearly 750 million tons, whereas consumption would stand at 700 million tons.
The ministry said that output of iron in 2012 grew by 3.7 percent, reaching 657.91 million tons, while steel production went up by 7.7 percent to 951.86 million tons.
China's exports of steel last year jumped by 14 percent, to 55.73 million tons, whereas its imports of the metal declined by 12.3 percent to 13.66 tons.
It is worth noting that China's total imports of iron ore edged up 8.4 percent to 743.55 million tons, with an average price of USD128.6 per ton, compared with USD35.4 a year before.
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