The World Steel Association (Worldsteel) on Tuesday doubled its forecasts for 2018 and 2019 regarding the growth in global demand for steel products used in all areas, from automobile production to construction, but noted that tensions in trade relations between countries make it difficult assessment of the prospects for the development of the sector.
“The global demand for steel is characterized by uncertainty due to persistent tensions in the global economic environment,” a statement issued at the annual General Assembly this year in Tokyo said.
The steel industry, with a total value of about $ 900 billion a year, is viewed by experts as an indicator of global economic health. Association Worldsteel represents more than 160 steel producers.
The demand for steel this year is expected to grow by 1.4 percent to 1.681 billion tons, Worldsteel said in a statement. This is twice as much as previously forecast in April (0.7 percent). However, in general, this means that the growth rate of consumer demand will slow down by 3.9%, expected in 2018, to 1.658 billion tons. In April, Worldsteel stated that the expected demand for 2018 would increase by 1.8 percent compared to last year’s figure. This state of affairs is mainly due to a decrease in demand from the world’s largest steel consumer, China, due to the introduction of China-US trade barriers.