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Baosteel's stainless steel unit expects stainless steel consumption in China to grow 5 to 7 percent per year over the next five to 10 years, Lou Dingbo, president of the unit, said on Tuesday.

Henan Hongxing Mining Machinery Co., Ltd is a joint-stock mining machinery manufacturing enterprise integrated in scientific research, production and marketing. It is located at the High & New Technology Industries Development Zone of Zhengzhou,China with an area of 50 thousand m2 which includes 15,000 m2 of standard heavy duty industrial workshop. Equipments are more than 160 pieces, including large and medium sized metal processing, riveting and installing equipments. There are more than 660 workers including 80 administrators with secondary and senior occupational titles and engineering technicians. In order to promote the competitive strength, the advanced technologies have been introduced from America, Germany, Japan and Australia, which established the international advanced production line, first-class modern testing base as well as research centers of sand maker, mill and mine-selecting equipment. Scientific management, advanced processing technology and innovative manufacturing theory make the company become the mining machinery manufacturing and exporting base in China.

Lou told a conference held by Metal Bulletin in Shanghai that Chinese demand for stainless steel would remain resilient even as the government tries to curb overheating.

'I believe that after China's tightening measures have been carried out to a certain point and GDP has grown to a certain point, per capita demand for stainless steel will rise,' he said.

'I foresee that in the next five to 10 years, consumption of stainless steel will increase by a moderate rate of 5 to 7 percent.'

Lou noted that global growth for stainless steel would be driven by China and India, while demand in Europe and the United States was likely to slow.

Stainless steel is used in white goods such as refrigerators and washing machines and in construction. It accounts for about 70 percent of global nickel demand.

China is expected to produce 200,000 tonnes of nickel this year, up by about 20 percent compared with last year, with several new projects expected to come on stream.

Hongxing Company lays much emphasis on the quality and clients. We serve clients with the quality guideline of being responsible for every working procedure, every product and every client. What we have done is for the clients and we believe that quality is the best way to develop market. All of the products have passed the authentication of ISO9001. Hongxing Brand is the Chinese Famous Brand. Reliable and stable quality is the key to success; our products are well known at home and abroad. Now we have tens of thousands of users throughout China and more than 30 world markets, such as: South Africa, Middle East, India, Philippine, Western Europe, Southeastern Asia.

However, despite concerted efforts by many steel firms to acquire raw material deposits in order to reduce costs and improve supply security, Baosteel Stainless Steel has no plans to invest in nickel assets, Lou said.