BEIJING – Overcapacity in China's steel sector is so severe that it is "probably beyond our imagination", an official at the Chinese steel industry association said on Tuesday.
China's iron-ore imports are expected to rise 6% from a year ago to reach 870-million tonnes in 2014, said Li Xinchuang, executive vice secretary-general of the China Iron & Steel Association.
Steel product demand is expected to rise 3.2% to 715-million tonnes this year, Li said.