The World Steel Association predicts that global steel demand will reach 1.874 billion tons in 2021The World Steel Association predicts that global steel demand will reach 1.874 billion tons in 2021

The World Steel Association released the latest version of the short-term (2021-2022) steel demand forecast report, showing that global steel demand will increase by 5.8% in 2021 to 1.874 billion tons after a 0.2% drop in 2020. In 2022, global steel demand will continue to grow by 2.7%, reaching 1.925 billion tons.

The report believes that the ongoing second or third wave of the epidemic will flatten out in the second quarter of this year. With the steady progress of vaccination, economic activities in major steel-consuming countries will gradually return to normal.

Commenting on the results of the forecast, Al Remeithi, Chairman of the World Steel Association Market Research Committee, said that thanks to China’s surprisingly strong recovery, China’s steel demand has increased by 9.1%, and global steel demand will only shrink slightly by the end of 2020. . In the rest of the world, steel demand shrank by 10.0%. Al Remeithi also pointed out that in the next few years, steel demand in both developed and developing economies will recover steadily. The supporting factors are suppressed steel demand and the government’s economic recovery plan. However, for some of the most developed economies, it will take several years to return to the level before the epidemic.