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World Steel Association: “Steel demand will strengthen in H2 with steel demand, up 1.7% year-on-year”
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2024-05-14
The World Steel Association released a short-term demand forecast report stating that this year's high interest rate environment will gradually fade away, and global manufacturing momentum will heat up. It is expected that steel demand will gradually strengthen from Q2, and the steel industry will be on a steady recovery track. Overall demand will be higher than in 2023, with an increase of 30.1 million tons, an annual increase of 1.7%. The global economy has shown resilience under the leadership of the United States, and steel demand outside China has maintained an annual growth rate of 1.3%. The construction industry in Europe and the United States will recover thanks to lower interest rates, and demand from the automobile and home appliance industries will also strengthen.
China's manufacturing industry has had an opportunity to recover since March this year. The manufacturing purchasing managers index (PMI) in March was 50.8. It is expected that demand for home appliances, machinery, metal processing, automobiles, etc., will recover in 2024 to fill the gap in construction demand. This year the overall steel demand in China is expected to remain flat.
In addition, regions such as Japan and South Korea are expected to benefit from the recovery of the automobile industry. Demand in India and Southeast Asia will remain strong as the export industry improves, and will continue to serve as growth engines. Overall, global steel demand is estimated to be 1,793.1 million tons in 2024, with an annual increase of 1.7%, an increase of approximately 30.1 million tons compared with 2023.
Looking forward to 2025, the World Steel Association predicts that with the stable development of the global economy, the steel industry will continue to maintain growth momentum. It predicts that global steel demand in 2025 will be 1815.2 million tons, an increase of 22.1 million tons compared with 2024, an annual increase of 1.2 %, continuing to demonstrate the positive growth momentum of the global steel market.
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home appliances
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2024-05-24
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