worldsteel SRO Foresees Rebound in Global Steel Demand in 2025

SEATTLE (Scrap Monster): The World Steel Association released an update of the Short Range Outlook (SRO) for 2024 and 2025.

The global steel demand is expected to decline by 0.9% this year to 1,751 million tonnes (Mt) according to the steel trade association. But by 2025, it anticipates a global resurgence that does not include China. It stated that by the following year, a 1.2% increase in demand to 1,772 Mt is anticipated.

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For the majority of the world's major economies, including China, the Association significantly revised downward its 2024 steel demand projection. This was mostly due to ongoing weakness in the industrial sector and headwinds in the global economy. China and the majority of other major economies are expected to experience a significant fall in the demand for steel.

According to the survey, India is anticipated to continue its strong momentum and post significant rise in steel consumption in 2024 and 2025. Since 2021, the nation has been a major contributor to the rise in the demand for steel.

It is anticipated that the demand for steel in the emerging countries—aside from China—will increase by 4.2% in 2025 and by 3.5% in 2024. It is anticipated that in 2024, demand would increase in other growing economies, such as those in the MENA and ASEAN areas. The developed world's steel demand is expected to grow by 1.9% in 2025 after declining by 2% in 2024.