World Steel Demand to Witness Rebound in 2024, Grow Further in 2025

SEATTLE (Scrap Monster): The Short Range Outlook (SRO) released by the World Steel Association (worldsteel) forecasts rebound in steel demand during the current year, followed by further demand growth in 2025.

According to the report, the world steel demand is projected to rebound by 1.7% to touch 1,793 Mt in 2024. The demand is expected to register further growth by 1.2% in 2025 to touch 1,815 Mt.

The Chinese steel demand is expected to remain around the level of 2023 during the current year. The loss in steel demand due to continued decline in real estate investments will be offset by increased steel demand from infrastructure and manufacturing sectors. The country’s steel demand will return to a downtrend in 2025 with a marginal decline by 1%, the report noted.

Meantime, the steel demand in the world excluding China is predicted to grow at a healthy rate of 3.5% per annum over 2024-’25. The growth will be mainly led by India, whose steel demand is forecast to register 8% growth. Other emerging regions such as MENA and ASEAN are expected to witness accelerated growth in steel demand. The developed world will also see strong recovery in steel demand, growing by 1.3% and 2.7% in 2024 and 2025 respectively.

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