World Steel Association Predicts Global Steel Demand to Grow 5.8%
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World Steel Association (WSA) predicts that the global steel demand will increase by 5.8% to 1.874 billion tons in 2021 and go up 2.7% to 1.924 billion tons in 2022.
Vaccinations in many countries worldwide have helped slow down the pandemic. Although some economic measures imposed by certain countries have taken effect, advanced countries are still expected to spend several years to recover to the pre-pandemic level.
On China alone, its local steel demand is expected to increase by 3% to 1.024 billion tons in 2021 and go up 1% to 1.035 billion tons in 2022. The effect of local market stimulus is waning, so the growth margin is on a downward trend. On the other hand, the steel demand in advanced countries is expected to increase by 8.2% to 371 million tons in 2021 and go up 4.2% to 386 million tons in 2022.