worldsteel SRO: Global Steel Demand to Rebound in 2023

The U.S. steel demand is predicted to grow by 1.3% in 2023 and then by 2.5% in 2024.

SEATTLE (Scrap Monster): The World Steel Association (worldsteel) published its Short Range Outlook (SRO) steel demand forecast for 2023 and 2024.

According to the steel trade body, the steel demand will see a 2.3% rebound to reach 1,822.3 Mt in 2023. Furthermore, steel demand is predicted to grow by another 1.7% in 2024 to touch 1,854.0 Mt in 2024. The recovery is likely to be driven by manufacturing sector demand, it noted.

The Chinese total steel demand is expected to grow by 2.0% in 2023 and stay flat in 2024. The steel demand in developed economies is expected to increase by 1.3% in 2023. Also, it expects a recovery of 3.2% in 2024. Worldsteel expects steel demand in the EU-27 and UK to fall by 0.4% in 2023, with a strong rebound of 5.6% expected next year.

The U.S. steel demand is predicted to grow by 1.3% in 2023 and then by 2.5% in 2024. The steel demand in Japan is expected to increase by 4.0% in 2023 and then by 1.2% in 2024. The South Korean steel demand is projected to record a growth of 2.9% and 2% in 2023 and 2024 respectively. Meantime, India will likely report healthy steel demand growth of 7.3% in 2023 and 6.2% in 2024.

The ASEAN steel demand is expected to increase by 6.2% in 2023 and then by 5.7% in 2024. The MENA region is forecast to grow by 0.6% in 2023 and 3.4% in 2024. The total steel demand in Russia and Other CIS+ Ukraine region will fall further by 3.5% in 2023 and 4.3% in 2024. The Latin American steel demand may see challenging years ahead, the report said.

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