Global steel demand continues to grow in the context of slowing economic growth

In 2018, global steel demand grew by 2.1%, slightly slower than in 2017. In 2019 and 2020, despite the severe global economic environment, global steel demand is expected to continue to grow.

The World Iron and Steel Association today released its short-term steel demand forecast for April 2019. It is predicted that global steel demand will reach 1.735 billion tons in 2019, an increase of 1.3% year on year. In 2020, steel demand is expected to grow by 1.0% to 1.752 billion tons.

Commenting on the forecast results, Mr. Al Remity, Chairman of the Market Research Committee of the World Iron and Steel Association, said: "Global steel demand is expected to continue to grow in 2019 and 2020, but the growth rate will decline as the global economy slows down. Uncertainty in the trading environment and volatility in the financial market have not been reduced, or will bring downside risks to the current forecast results.