Despite the impact of several rounds of COVID-19 and manufacturing supply chain restrictions, steel demand in developed economies is still recovering strongly in 2021, especially in the European Union and the United States.
However, due to the impact of inflation and the conflict around Ukraine, the outlook for steel demand in developed economies is expected to weaken in 2022. The impact of the Russian Ukrainian conflict is particularly significant in the EU region, which is highly dependent on Russian energy and the influx of refugees.
Following the recovery of steel demand by 16.5% in 2021, the steel demand of developed economies is expected to increase by 1.1% and 2.4% respectively in 2022 and 2023.
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