2024 Market needs and forecasts

On April 9, London time, the World Steel Association released the April 2024 short-term steel demand forecast report. Global steel demand is expected to rebound by 1.7% in 2024, reaching 1.793 billion tons; global steel demand will increase by 1.2% in 2025, reaching 1.815 billion tons. Ton. From 2024 to 2025, global steel demand will continue to grow.

2024 Changes in steel market demand

From 2024 to 2025, global steel demand in other countries except China is expected to grow by 3.5% annually. Specifically, from 2024 to 2025, due to the impact of local infrastructure investment, India's steel demand will continue to grow by 8%. Steel demand in 2025 is expected to be nearly 70 million tons more than in 2020; following the slowdown in growth from 2022 to 2023 Later, the steel demand in other emerging economies such as the Middle East, North Africa and ASEAN is expected to accelerate from 2024 to 2025. Among them, ASEAN is affected by political instability and other factors, and the future steel demand growth rate is expected to further slow down; the steel demand in developed economies It will grow by 1.3% and 2.7% respectively in 2024 and 2025. The EU's steel demand is expected to recover substantially in 2025, and the United States, Japan and South Korea will also maintain the resilience of steel demand. It is worth noting that the EU and the UK are still the regions facing the greatest challenges to global steel demand growth. The steel industry in the EU and the UK is facing many challenges such as geopolitical changes and uncertainty, high inflation, monetary tightening and the removal of some fiscal support, as well as high energy and commodity prices. In 2023, steel demand has dropped sharply to the lowest level since 2000. The lowest level since 2024, the forecast value for 2024 will also be significantly reduced, and signs of recovery are not expected until 2025, with an increase of 5.3%. The fundamentals of U.S. steel are acceptable and it is expected to quickly return to the growth track in 2024.