Displaying items by tag: forecast

Belgium: The World Steel Association (WSA) forecasts that total global steel consumption in 2020 will be 1.65Bnt, down by 6.4% year-on-year from 1.77Bnt in 2019, due to the impacts of the coronavirus outbreak on steel-intensive industries. The WSA estimated that demand will decline by 17% in developed countries, with the steepest falls in Japan, South Korea and the US, and by 18% in India. China’s steel consumption is expected to rise by 1% due to increased infrastructure spending and a swift post-coronavirus recovery. Construction, a mostly seasonal sector, had already reached full productivity in April 2020.

The WSA expects steel demand to increase by 3.8% year-on-year in 2021 to 1.72Bnt globally. The sharpest recovery is expected to be in developing countries, where the WSA says that total demand will increase by 9.2%, following a fall of 11.6% in 2020.

Belgium: The World Steel Association (WSA) has forecast that global steel demand will return to growth of 0.4% year-on-year to 1494Mt in 2017. This follows a decrease of 3% in 2015 and a predicted decrease of 0.8% to 1488Mt in 2016. The data is part of the WSA’s Short Range Outlook (SRO) for 2016 and 2017 report.

“The economic environment facing the steel industry continues to be challenging with China’s slowdown impacting globally across a range of indicators contributing to volatility in financial markets, sluggish growth in global trade and low oil and other commodity prices. The global steel market is suffering from insufficient investment expenditure and continued weakness in the manufacturing sector,” said TV Narendran, chairman of the WSA. He added that some emerging economies in South and Southeast Asia show resilient growth and along with the North American Free Trade Agreement (NAFTA) region and the European Union (EU) will support a recovery in 2017.