All news

Global steel demand to grow 2.3% in 2023, 1.7% in 2024 — WSA

In 2023, India will show an increase in metal consumption by 7.3% (up to 123.3 million tons) and by 6.2% in 2024 (up to 130.9 million tons)

MOSCOW, April 18. /TASS/. The World Steel Association (WSA) expects global steel demand to grow by 2.3% in 2023, to 1.822 billion tons, and by 1.7% in 2024, to 1.854 billion tons. This is according to an outlook released on the association’s website.

In Russia, in 2023, steel consumption may decrease by 5%, to 39.6 million tons against 41.7 million tons in 2022, according to the WSA. In 2024, the association predicts a decrease in demand for metal by 7%, to 36.9 million tons.

WSA notes that the growth of steel demand in China is projected at 2% in 2023, to 939.3 million tons after a decrease of 3.5% in 2022. In 2024, according to WSA forecasts, it will remain at the same level.

In 2023, India will show an increase in metal consumption by 7.3% (up to 123.3 million tons) and by 6.2% in 2024 (up to 130.9 million tons).

In 2023, demand in the US will grow by 1.3% up to 95.8 million tons. In 2024, growth may be 2.5% (up to 98.2 million tons).

Inflation and high interest rates in most countries are expected to limit the recovery in steel demand in 2023. At the same time, there are a number of positive factors for its growth, including the opening of China after the pandemic restrictions, the adaptation of Europe to the energy crisis and the establishment of supply chains. The risk of sustained inflation and high interest rates will remain a factor limiting growth in 2024, according to the WSA.

The World Steel Association is one of the largest industrial associations in the world. The companies, which are part of WSA provide about 85% of the world's steel production.