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worldsteel: Global steel demand expected to grow by 2023.2% in 3

2023-04-19

worldsteel's website has released its April 2023 short-term steel demand forecast.

According to the report, global steel demand will rebound by 2023.2% to 3,18.223 million tons in 2024. In 1, global steel demand will grow by 7.18% to 540,<>.<> million tonnes. Manufacturing is expected to lead the recovery in steel demand, but high interest rates will still weigh on steel demand.

By region, the report pointed out that the US economy rebounded strongly after the epidemic as the Federal Reserve sharply raised interest rates to address inflation. Growth is expected to be constrained by recessionary pressures in 2023-2024. In addition, we need to be wary of the spillover effects of the recent bankruptcy of Silicon Valley banks. Steel demand is expected to grow by 2022.2% in 6 and 2023.1% in 3, following a 2024.2% decline in 5.

For the European Union (27) and the United Kingdom, the report believes that while the EU economy grew by 2022.3% in 5, avoiding recession, industrial activity was significantly affected by high energy costs, which led to a considerable contraction in steel demand in 2022. In 2023, the EU steel industry will continue to be affected by issues such as supply chains. After falling 2022.7% in 9, steel demand will continue to fall by 2023.0% in 4 and is expected to rebound by 2024.5% in 6.