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Global steel demand is expected to rebound by 2.3% in 2023

The World Iron and Steel Association released the latest short-term (2023-2024) steel demand forecast report on April 18th. The report shows that global steel demand will rebound by 2.3% in 2023, reaching 1822.3 million tons. In 2024, global steel demand will increase by 1.7% to reach 1.854 billion tons.

It is expected that the manufacturing industry will lead the recovery of steel demand, but high interest rates will still put pressure on steel demand. It is expected that steel demand in most regions will accelerate next year, but China's steel demand will slow down.

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