worldsteel SRO Predicted Steel Demand Surge in 2023 and 2024

SEATTLE (Scrap Monster): The World Steel Association (worldsteel) announced update of its Short Range Outlook (SRO) for 2023 and 2024. The global steel demand will see a growth of 1.8% to 1,814.5 million tonnes (Mt). The demand will see further increase by 1.9% to 1,849.1 Mt.

The Chinese property market is likely to stabilise in the latter part of the year. The measures taken by the government will result in slight positive growth in 2023. However, the SRO noted that the 2024 outlook for Chinese demand remains uncertain. The Chinese economy is in a structural transition phase, as a result of which worldsteel foresees increased volatility and uncertainty.

The steel demand in developed economies will likely witness contraction by 1.8%. The European region will be impacted badly, mainly due to monetary tightening and escalating energy costs. Meantime, the global steel trade body expects steel demand to record growth of 2.8% in 2024.

The U.S. Steel demand is predicted to drop by 1.1% in 2023 and then grow by 1.6% in 2024.

The steel demand in emerging and developing economies excluding China will see growth of 4.1% in 2023 and 4.8% in 2024. India will record strong growth in demand, by 8.6% in 2023 and 7.7% in 2024.

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