Steel production to grow 3% in 2013, says BREE

Global – World steel consumption will jump around 4% to 1.55 billion tonnes in 2013, according to the latest ‘€˜Resources and Energy Quarterly’€™ report from Australia’€™s Bureau of Resources and Energy Economics (BREE).

Usage in China is also forecast to increase by 4% to give a total of 668 million tonnes as ‘€˜commencement of construction on government-funded infrastructure projects is expected to increase steel consumption demand in the second half of 2013’€™. Demand for steel in India for infrastructure projects is expected to increase domestic steel consumption by 7% in 2013 whereas EU steel usage is thought likely to remain largely unchanged from its 2011 and 2012 level.

BREE also forecasts that world steel production will increase by 2% in 2012 and by a further 3% in 2013 to 1.59 billion tonnes, with China’€™s output expected to climb 4% next year to 732 million tonnes. ‘€˜The growth is in line with higher domestic consumption demand from infrastructure projects and forecast higher exports of steel products,’€™ the organisation explains.

India’€™s steel production is forecast to increase by 6% in 2012 and 7% in 2013 to yield a total of 82 million tonnes, but output in the EU is predicted to follow up a 3% decline in 2012 with another, more minor fall in 2013 to give a total for the latter year of 170 million tonnes ‘€˜as the steel industry continues to consolidate in response to lower European demand’€™.

For more information, visit: www.bree.gov.au