NewswireTODAY - /newswire/ - Scarsdale, NY, United States, 2010/06/21 - Economy in China and India is growing rapidly Albanian Minerals in NY forces rise in steel consumption in the future.

China’s steel industry is among the world’s major industries and is the fastest growing in the world. China is the world’s largest steel consumer and demand is growing every year. The country expanded its steel-making capacity to meet the demand of its rapidly growing economy. China has a strong economic growth and cheap production base are the major driving forces for rise in steel consumption.
The May increase in Chinese crude steel output, the third consecutive monthly gain, reflected orders booked at the peak of the steel market rally in April. The May tally was up 1.3 percent from the previous month and 21 percent higher than a year earlier, according to figures from China's National Bureau of Statistics (NBS), which showed that the country's crude steel output has achieved record highs in four of the five months so far this year.

China’s economy, is forecast to grow 10 percent this year and by 9.9 percent in 2011, according to the International Monetary Fund. It will allow a more flexible yuan, the central bank said June 19, signaling an end to the currency’s two-year- old peg to the dollar a week before a Group of 20 summit.

India raised its steel production capacity to 72.76 million tonnes during the last fiscal from 66.36 million tonnes in the year-ago period, emerging as the third largest steel maker in the world.

The Steel Ministry has set a target of 124 million tonnes production capacity by 2012. In order to attract more foreign investment, the country is working to reform the mining sector.
Demand for Chrome ore, ferrochrome, iron ore will grow and the prices of row materials will go up to.

Albanian Minerals (albanianminerals.com) in NY and Bytyci SHPK in Tropoje Albania has receive a record requests this year for Chrome ore, iron from both China and India.

Agency / Source: Albanian Minerals

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