According to the latest report from the World Steel Association (World Steel), global steel demand is expected to bounce back, projecting a 1.7% growth rate to reach 1.79 billion tons in 2024, following a two-year decline trend.
The association’s Short-Range Outlook anticipates a further uptick in demand, forecasting a 1.2% increase to 1.82 billion tons in 2025.
Chairman of the World Steel Economics Committee, Martin Theuringer, highlighted the shift, stating, “After two years of negative growth and severe market volatility since the COVID crisis in 2020, we see early signs of global steel demand settling in a growth trajectory in 2024 and 2025.”
However, Theuringer cautioned that challenges persist, with expectations of weak demand growth and ongoing market volatility due to various factors such as monetary tightening by major central banks, elevated costs, and geopolitical uncertainties.
China, a significant player in the global steel market, is expected to see stable demand in 2024 compared to the previous year, attributed to a decline in real estate investments. However, a return to a downward trend is projected for 2025, with a 1% drop, according to worldsteel forecasts.
Projections for the rest of the world, excluding China, suggest a more robust growth rate of 3.5% per annum over the 2024-25 period.
India, on the other hand, is anticipated to continue its strong growth trajectory in steel demand, with an expected 8% increase over the next two years. This growth is primarily fueled by a rising trend across all steel-using sectors, particularly driven by continued robust infrastructure investments, as outlined in the report.
