Global steel demand to increase by 1.3% in 2017

The World Steel Association released on April 21st its Short Range Outlook (SRO) for 2017 and 2018. The global association forecasts that global steel demand will increase by 1.3% to 1,535.2 Mt in 2017, following growth of 1.0% in 2016. In 2018, the global steel demand will grow by 0.9% and reach 1,548.5 Mt, according to forecasts.
“We believe in 2017 and 2018,” commented Mr T.V. Narendran, Chairman of the worldsteel Economics Committee, “we will see a cyclical upturn in steel demand with a continuing recovery in the developed economies and an accelerating growth momentum in the emerging and developing economies.”

Russia and Brazil are expected to move out of their recessions. China, which accounts for 45% of global steel demand, is expected to return to a more subdued growth rate after its recent short uplift. The United States should continue to lead growth in the developed world in 2017-18. The EU recovery is solidifying with many positive developments. If political stability can be maintained, investments are expected to pick up to provide a further boost to the recovery.
Steel demand in the developed economies will increase by 0.7 % in 2017 and 1.2 % in 2018.

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