According to the World Steel Association, steel demand is anticipated to reach 1,648.1 million tons (Mt) in 2018. While China accounts for a large percent of the steel demand – over 45% – when excluded, the global steel demand is set to increase 3% over the course of the year.
Chairman of the World Steel Association Economics Committee explained, “Progress in the global steel market this year to date has been encouraging. We have seen the cyclical upturn broadening and firming throughout the year, leading to better than expected performances…”
The association attributes this new outlook to a variety of factors that have since been mitigated, including U.S. policy shifts and European Union election results. While the rest of the world will continue to experience steady steel demand growth, China’s growth deceleration will have an impact on their own industry.
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