Posted on 15 Apr 2024
The World Steel Association (worldsteel) forecasted that global steel demand will rebound by 1.7% in 2024 and grow by 1.2% in 2025. The global economy appears to be heading for a soft landing, with public infrastructure and decarbonization plans creating significant demand for steel.
According to worldsteel's outlook, steel demand in 2024 will be 1.79 million tons. In 2025, demand should reach 1.81 million tons. An apparent end to the monetary tightening cycle will ease the housing activity and global manufacturing downturn. However, high construction costs and labor shortages have become major constraints in many major economies.
China's steel consumption this year will be the same as in 2023. Steel demand in India is growing strongly. There was a rebound in the Middle East, North Africa, and ASEAN regions. The outlook states that developed countries are expected to recover strongly, with growth of 1.3% in 2024 and 2.7% in 2025. Steel demand in the EU will rise significantly in 2025, while demand in the United States, Japan, and South Korea will continue to recover.
Source:Yieh
