Global steel demand to rise 1.3% in 2017, Worldsteel says

Global demand for finished steel products is forecast to grow by 1.33% this year, to 1.535 billion tonnes, the World Steel Assn (Worldsteel) said in its short-range outlook on Friday April 21.

Global steel demand growth is expected to be more subdued in 2018, with Worldsteel forecasting a 0.87% year-on-year rise to 1.549 billion tonnes. “We believe that we will see a cyclical upturn in steel demand in 2017 and 2018, with a continued recovery in the developed economies and accelerating growth in the emerging and developing economies,” TV Narendran, Tata Steel md and Worldsteel economics committee chairman, said. “We expect that Russia and Brazil will finally move out of their recessions. However, China, which accounts for 45% of global steel demand, is expected to return to a more subdued growth rate after its recent short uplift. For this reason, overall growth...

Published

Viral Shah

April 21, 2017

17:45 GMT

London