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The World Steel Association (worldsteel) on Tuesday (April 9) predicted that global steel demand will increase by 1.7% to 1.793 billion tonnes in 2024, with demand increasing further in 2025.
Steels for sale in the steel market
The association expects India to be the main driver of demand growth while Chinese demand continues to decline.
After two years of decline and severe post-pandemic market volatility, there are signs that global steel demand is "on a growth trajectory in 2024 and 2025," the industry group statement said.
Global demand is expected to grow by a further 1.2% to 1,815 million tonnes in 2025.
China, the world's largest producer and consumer of steel, saw its steel use fall by 3.3% in 2023, as the decline in real estate investment was offset by infrastructure investment and manufacturing growth, and steel use is expected to remain stable in 2024, the association said.
The steel used in the construction of China's new productivity industrial park has offset the decline in real estate investment
The association expects China's steel demand to fall by 1% in 2025, significantly below its peak in 2020.
However, India has emerged as the strongest driver of steel demand growth since 2021.
The association expects demand growth of more than 8% in India in 2024 and 2025.
Demand in Europe, which has been challenged by high inflation and tight monetary policy, is expected to show modest growth this year, growing by 5.3% in 2025.
At the same time, strong investment activity will drive steel demand growth in the United States this year after a slowdown in demand in 2023 due to a slowdown in the housing market, the association said.
Global steel demand to return to growth in 2024, says World Steel. April 9, 2024.
LONDON (Reuters) -Global steel demand is expected to rise by 1.7% to 1.793 billion metric tons in 2024 and to increase further in 2025, the World Steel Association said on Tuesday.
The association expects India to be the main driver of demand growth as Chinese demand continues to decline.
After two years of decline and severe post-pandemic market volatility, there are signs of global steel demand "settling in a growth trajectory in 2024 and 2025", the industry group's statement said.
Global demand in 2025 is expected to rise by 1.2% to 1.815 billion tons, it said.
Apparent steel use in China, the world's top producer and consumer of the metal, fell by 3.3% in 2023 and is expected to be steady in 2024 as a decline in real estate investment is offset by growth from infrastructure investment and manufacturing sectors, the association said.
It expects China's steel demand decline by 1% in 2025, remaining significantly lower than its 2020 peak.
India, however, has emerged as the strongest driver of steel demand growth since 2021.
The association expects Indian demand to grow by 8% over 2024 and 2025.
Demand in Europe, which has been challenged by high inflation and tighter monetary policy, is expected to show very modest growth this year before a 5.3% projected gain in 2025.
Meanwhile, strong investment activity will bring U.S. demand back to growth this year after a drop caused by a housing market slowdown in 2023, the association said.
(Reporting by Polina DevittEditing by David Goodman)