Global Steel Demand shows modest growth with a 1.8% increase in 2023
Steel

Global Steel Demand shows modest growth with a 1.8% increase in 2023

The World Steel Association (WSA) has revised its earlier projections, stating that global steel demand is anticipated to increase by 1.8% in 2023. This growth is attributed to on-going infrastructure projects in China, which is the largest consumer of steel globally. This revised forecast is a downgrade from the initial April estimate, which had predicted a 2.3% rise in steel consumption this year. The impact of high inflation and interest rates has been a significant factor affecting steel demand, according to Maximo Vedoya, chairman of the WSA economics committee. The tightening monetary policy is expected to slow down the recovery of steel demand in advanced economies until 2024.

Looking ahead to 2024, global steel demand is projected to grow by 1.9%, reaching 1.85 billion metric tons. In 2022, steel demand had declined by 3.3%. China, responsible for half of the world's steel consumption, is expected to experience a 2% increase in steel demand in 2023. The outlook for the following year remains uncertain, with hopes that the situation in China's property market will stabilise in the latter part of 2023.

Globally, high-interest rates have impacted demand, particularly in the construction and consumer durables sectors, while the recovery in auto production is anticipated to continue. Steel demand is forecasted to decline by 5.1% in the European Union and Britain, 1.1% in the United States, and 2% in Japan this year. However, these regions are expected to experience a rebound in 2024, with growth rates of 5.8%, 1.6%, and 0.6%, respectively.

The World Steel Association (WSA) has revised its earlier projections, stating that global steel demand is anticipated to increase by 1.8% in 2023. This growth is attributed to on-going infrastructure projects in China, which is the largest consumer of steel globally. This revised forecast is a downgrade from the initial April estimate, which had predicted a 2.3% rise in steel consumption this year. The impact of high inflation and interest rates has been a significant factor affecting steel demand, according to Maximo Vedoya, chairman of the WSA economics committee. The tightening monetary policy is expected to slow down the recovery of steel demand in advanced economies until 2024. Looking ahead to 2024, global steel demand is projected to grow by 1.9%, reaching 1.85 billion metric tons. In 2022, steel demand had declined by 3.3%. China, responsible for half of the world's steel consumption, is expected to experience a 2% increase in steel demand in 2023. The outlook for the following year remains uncertain, with hopes that the situation in China's property market will stabilise in the latter part of 2023. Globally, high-interest rates have impacted demand, particularly in the construction and consumer durables sectors, while the recovery in auto production is anticipated to continue. Steel demand is forecasted to decline by 5.1% in the European Union and Britain, 1.1% in the United States, and 2% in Japan this year. However, these regions are expected to experience a rebound in 2024, with growth rates of 5.8%, 1.6%, and 0.6%, respectively.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000