China's steel demand will increase around three percent in 2014 and 2015, a dramatic drop comparing with the 6.1 percent increase in 2013, said a forecast published on Wednesday by the World Steel Association (worldsteel).

The growth of apparent steel use in China was expected to slow down to 3.0 percent in 2014 to 721.2 million tonnes as the Chinese government efforts to rebalance the economy continues to restrain investment activities, according to worldsteel.

In 2015, steel demand was expected to further decelerate to 2.7 percent to 741 million tonnes, said the short range outlook by the worldsteel.

Global apparent steel use will increase by 3.1 percent to 1.53 billion tonnes in 2014 following a growth of 3.6 percent in 2013, the worldsteel estimated.

In 2015, world steel demand was expected to grow further by 3.3 percent to 1.58 billion tonnes.

"The global steel demand recovery continues but growth is stabilizing at a lower rate with continued volatility and uncertainty leading to a challenging environment for steel companies," said Hans Jurgen Kerkhoff, Chairman of worldsteel Economics Committee.

Worldsteel is one of the largest industry associations in the world. It represents about 170 steel producers (including 17 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. worldsteel members represent around 85 percent of the world's steel production. Endi

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