Global steel demand to drop 6% in 2020 due to Covid-19, Worldsteel says

Global demand for steel will decrease by 6.40% year-on-year in 2020 due to the effects of Covid-19 pandemic lockdown measures, the World Steel Association (Worldsteel) said on Thursday June 4.

Steel demand this year will drop to 1.65 billion tonnes, Worldsteel said in its Short Range Outlook for June 2020, but will recover in 2021 to 1.72 billion tonnes, which would be up by 3.80% year-on-year. This year’s reduction in global steel demand will be mitigated by an expected faster recovery in China than in the rest of the world, the group said. Worldsteel forecasts that lockdown measures in most countries will continue to be eased during June and...

Published

Maria Tanatar

June 04, 2020

18:30 GMT

London