Posted on 25 Apr 2022
Due to the Russia-Ukraine war and inflation issue, the World Steel Association (worldsteel) declined the latest steel demand forecast report of this year from a 2.2% growth to a 0.4% growth, about 1.84 billion tons. The steel demand for 2023 will be estimated to increase by 2.2% to 1.88 billion tons.
Worldsteel said the impact of Russia and Ukraine's war is different in different regions. The European area was deeply hit because European countries largely rely on Russia's energy and oil, and the conflict area is closed. As for other areas, they were directly trading and finance risky.
The above issues, rising energy and commodity prices, and the broken supply chain of raw materials for steel making keep bothering the world steel business.
Source:Yieh
