Worldwide – Global steel demand will climb 1.8% this year to slightly more than 1.616 billion tonnes and by a further 0.7% in 2019 to approaching 1.627 billion tonnes, concludes the latest short-range outlook from the World Steel Association (WSA).
Steel demand in the developed world is expected to increase by 1.8% in 2018 and 1.1% in 2019 whereas the emerging and developing economies (excluding China) will see growth in 2018 and 2019 of, respectively, 4.9% and 4.5%, it is envisaged.
Demand in top steel-using nation China will remain static this year at 736.8 million tonnes before declining 2% in 2019. The USA, in contrast, will witness growth of 2.7% and 2% over the same two years on the back of strong investment, rising incomes and low interest rates, according to the WSA.
In the EU-28, steel demand is expected to grow by 2% this year and by a further 0.8% in 2019 owing to ‘robust domestic and external demand’, with orders supported by ‘a pickup in non-residential construction and strong manufacturing activities’.
Among the leading steel-using countries, India will record some of the steepest growth in consumption, with gains of 5.5% and 6% anticipated for this year and next.
Following a decline of 6.8% in 2017, steel demand in Africa is expected to jump 4.5% in 2018 and 4.6% in 2019.
For the Middle East, steel demand increases are predicted to be 4.6% this year and 3.7% in 2019.
Would you like to share any interesting developments or article ideas with us? Don't hesitate to contact us.