The World Steel Association, Worldsteel, estimates that global demand for steel will
decline of 0.9% this year, but will rebound by 1.2% next year.
By comparison, the April forecast called for an increase of 1.7% this year and a further increase of 1.2% next year.
“2024 was a challenging year for global steel demand as the global manufacturing sector continued to struggle with persistent headwinds such as declining household purchasing power, aggressive monetary policy tightening and escalating geopolitical uncertainty “Continued weakness in residential construction, fueled by tight financing conditions and high costs, has further contributed to weak steel demand,” said Martin Theuringer, CEO of the company. World Steel Association (WSA).
The World Steel Association is slashing steel demand forecasts for 2024 in most major economies, including China.
For China, demand is now expected to fall by 3% this year and 1% next year. Previous forecasts predicted no change this year and a 1% decline in 2025.
The organization normally releases its forecasts twice a year, in October and April.
