Global – Global demand for finished steel products will leap 7% this year to 1.622 billion tonnes, according to the latest short-range outlook from the World Steel Association (WSA). More sedate growth of 1.6% to 1.648 billion tonnes is forecast for next year.
Progress this year in the global steel market has been ‘encouraging’, says WSA economics committee chairman T. V. Narendran. ‘However, escalating geopolitical tension in the Korean peninsula, China’s debt problem and rising protectionism in many locations continue to remain risk factors.’
Steel demand in the developed economies is expected to increase by 2.3% in 2017 and 0.9% in 2018 whereas China is thought likely to record no increase whatsoever in 2018 ‘as the government resumes and strengthens its efforts on economic rebalancing and environmental protection’.
As for steel demand in the developing economies excluding China, increases of 2.8% and 4.9% are envisaged for 2017 and 2018, respectively.
In the USA, last year’s 4.5% decline in finished steel demand is expected to be followed by growth of 4.8% this year and of 1.1% in 2018. In India, meanwhile, demand growth is forecast to accelerate from 4.1% in 2016 to 4.3% in 2017 and 5.7% in 2018.
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