World Steel Association predicts global steel demand to rebound by 1.2% by 2025

The World Steel Association S460M Grade D steel released the latest Short Term (2024-2025) Steel Demand Forecast (SRO) report today. The report shows that global steel demand will further decline by 0.9% to 1.751 billion tons this year. After three consecutive years of decline, global steel demand is expected to rebound by 1.2% to 1.772 billion tons by 2025.

Dr. Martin Theuringer, Chairman of the S460M Grade D steel Market Research Committee of the World Steel Association and Managing Director of the German Steel Association, commented on the forecast results, stating that "2024 is undoubtedly a difficult year for global steel demand, as the global manufacturing industry still faces multiple challenges, such as declining household purchasing power, significant monetary tightening, and increasing geopolitical uncertainty. In addition, due to financing difficulties and rising costs, housing construction remains weak, further exacerbating the sluggish demand for steel.

We have significantly lowered the steel demand forecast for most major economies, including China, in 2024, reflecting the continued weakness of the manufacturing industry and the lingering global economic headwinds. We expect a significant decrease in steel demand in China and most major developed economies by 2024. In sharp contrast, India is expected to maintain a strong momentum, with its steel demand expected to increase significantly between 2024 and 2025. In 2024, steel demand in most other major developing economies will rebound, recovering from the slowdown in 2022-2023. The World Steel Association predicts a 1.2% rebound in global steel demand by 2025

The World Steel Association released the latest Short Term (2024-2025) Steel S460M Grade D steel Demand Forecast (SRO) report today. The report shows that global steel demand will further decline by 0.9% to 1.751 billion tons this year. After three consecutive years of decline, global steel demand is expected to rebound by 1.2% to 1.772 billion tons by 2025.