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WSA predicts steel demand growth by 1.8% globally in 2023

Inflation and high interest rate in the majority of countries limited the steel demand recovery in 2023 and its growth in developed economies will be slower in 2024, the World Steel Association noted

MOSCOW, October 17. /TASS/. The World Steel Association (WSA) expects an increase in global steel demand by 1.8% to 1.814 bln metric tons in 2023 and by 1.9% to 1.849 bln metric tons in 2024, the Association said in its forecast.

WSA noted that it had revised upward its April outlook of steel consumption in Russia and Ukraine but there can be changes in the forecast, depending on the course of the special military operation. The Association does not give absolute figures. WSA said in its April forecast that steel consumption in Russia may drop by 5% to 39.6 mln metric tons vs. 41.7 mln metric tons as of the end of 2022.

The steel demand in China is expected to have an uptick by 2% in 2023, facilitated by investments in infrastructure and stabilization of the real estate market. According to WSA forecasts, prospects for 2024 remain uncertain but the most probable case is that the demand growth will remain at the level of 2023.

India is expected to demonstrate growth of metal consumption by 8.6% in 2023 and by 7.7% in 2024 owing to growth of the construction sector, the Association said.

The demand in the US will contract by 1.1% this year but will grow by 1.6% in 2024, according to WSA.

Inflation and high interest rate in the majority of countries limited the steel demand recovery in 2023 and its growth in developed economies will be slower in 2024, WSA noted. Positive growth drivers, in particular, are stabilization on the real estate market in China and the rise in global investments in infrastructure and construction. Uncertainty with the Chinese economy and regional conflicts will be the factor limiting growth in 2024, WSA informed.

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