worldsteel SRO: Turkiye Steel Demand to Surge the Most in 2023

The consumption is predicted to record further increase by 5% to total 40.6 mt in 2024.

SEATTLE (Scrap Monster): The Short Range Outlook (SRO)-October 2023 report published by the World Steel Association (worldsteel) suggests that Turkish steel consumption is predicted to record biggest surge in 2023.

The steel consumption by Turkiye is projected to total 38.7 million tonnes (mt) in 2023, significantly higher by 19% from the prior year consumption of 32.5 mt. The consumption is predicted to record further increase by 5% to total 40.6 mt in 2024.

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The Indian steel consumption is poised to surge year-on-year in 2023 and 2024. However, the rate of surge will see decline over the period from 2022 to 2024. The country’s steel usage had increased by 9.3%. The steel usage is expected to increase by 8.6% in 2023 to 126.1 mt and by 7.7% to 135.8 mt in 2024.

The largest steelmaker, China will see its consumption stagnate in 2023. However, the SRO predicts 2% jump in consumption during the current year. It must be noted that Chinese steel consumption had dipped by 3.5% during the previous year.

South Korean usage is predicted to rise by 3.3% and 1.1% in 2023 and 2024 respectively. The U.S. demand is projected to see decline by 1.1%, whereas it is expected to surge by 1.6% in 2024. The Japanese demand, which is expected to drop by 2% this year, will see marginal recovery by 0.6% in 2024. Meantime, the Mexican demand is forecast to surge higher by 6.6% and 2% in 2023 and 2024 respectively.

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