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Global steel demand to gain 2.2% by 2027 to 1.76 bln tons — WSA

The demand is transitioning to a path of modest growth in 2026, with a more pronounced acceleration projected for 2027

MOSCOW, April 14. /TASS/. The global steel demand will add 0.3% and reach 1.724 bln metric tons in 2026 and is expected to accelerate by 2.2% to 1.76 bln metric tons in 2027, the World Steel Association (WSA) says in its Short Range Outlook (SRO).

"Our latest forecasts validate the trajectory established in our October 2025 SRO, confirming that global steel demand is bottoming out over the 2025-2026 period. This follows a protracted and challenging phase of global structural adjustments that has suppressed demand since 2022," said Alfonso Hidalgo Calcerrada, the Chief Economist at UNESID and the Chair of the WSA Economics Committee.

"We are now transitioning to a path of modest growth in 2026, with a more pronounced acceleration projected for 2027. This broader recovery is being driven by distinct shifts in regional dynamics," Calcerrada noted. "In China the rate of demand contraction is finally decelerating in 2026, while demand growth across key developing markets, most notably India, remains vibrant," he added.

"However, we expect the ongoing conflict in the Middle East to result in a sharp drop in that region’s steel demand for 2026, which was otherwise positioned for strong growth," the expert stressed.

"Critically, we anticipate a meaningful turnaround in the developed world as a whole. After a protracted period of decline, we expect to see all major developed economies, including the European Union, the US, Canada, Japan, and Korea, posting positive growth in 2027," Calcerrada added.

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