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Global Steel Demand Surpassing Expectations

Wednesday, October 6, 2010
 
The World Steel Association forecasts that global steel consumption will increase by 13.1 percent in 2010, after decreasing by 6.6 percent in 2009. This year’s rise surpasses the association’s original prediction of an 8.4 percent uptick, thanks to a better than expected forecast for the developed economies in the European Union and NAFTA countries, according to the association’s recently released October 2010 Short Range Outlook (SRO) for 2010 and 2011. Among other SRO findings: China’s steel use is up 6.7 percent in 2010, following a strong increase of 24.8 percent in 2009, the loss of momentum due to the Chinese government’s efforts to cool down its real-estate sector. The SRO predicts only a 3.5 percent increase in steel use in China, although China will account for about 45 percent of the world’s steel consumption next year. View the full press release, which also provides detailed steel-consumption data for Europe, North and South America, Japan, India and Turkey, here.

 

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