Steel Trade Association Released Latest Short Range Outlook

SEATTLE (Scrap Monster): The World Steel Association (worldsteel) released its Short Range Outlook (SRO) for 2021 and 2022.

According to SRO, that annual global steel demand is expected to reach 1,874.0 million tonnes (MT) in 2021. This is higher by 5.8% from 2020. Also, in 2022, the steel demand will record further growth by 2.7% to reach 1,924.6 Mt. It must be noted that the demand had registered marginal decline by 0.2% in 2020.

The current forecasts are based on the assumptions that the ongoing second or third waves of the Covid-19 pandemic are likely to stabilize in the second quarter of the year. The steady progress on vaccinations is expected to allow major steel-producing countries to gradually return to normalcy.

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Mr Al Remeithi, Chairman of the worldsteel Economics Committee commented that the global steel industry was fortunate enough to end 2020 with only a minor contraction in steel demand, despite the disastrous impacts of the pandemic. This was mainly aided by a robust 9.1% recovery in China. Although both developed and developing economies are expected to witness firm recovery in steel demand in the coming years, it will take a few years for the most developed economies to return to the pre-Covid-19 levels, he added.