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Steel News April 21, 2014 06:53:37 AM

EY Report: Global Steel Market Expecting a Growth of 3.3% this Year

Paul Ploumis
ScrapMonster Author
According to the EY report, demand for steel worldwide is tending to an increase of about 3.3 percent this year

EY Report: Global Steel Market Expecting a Growth of 3.3% this Year

New Delhi (Scrap Monster): According to the EY report, demand for steel worldwide is tending to an increase of about 3.3 percent this year due to the increased demand for the metal from Russia, Brazil, India and upcoming markets in North and West Asia.

According to the report, the growth is mainly in the main sectors like construction, automotive, infrastructure and oil and gas. China is always the determining factor of global steel price. Due to urbanization projects, strong domestic economy and emerging middle class also cause increase in demand as it will increase the demand for consumer product like home appliances, cars and so on.

It also mentions about future demand of steel market prospects. Due to the stability in African economy, the future rush for African demand could again shift the landscapes during the coming years. The report also encloses that the excess capacity would remains as the biggest threat for the steel industry. For reducing the impact, report included that it should need the permanent shutdown of the inefficient capacity.

In conclusion, report estimates that around 300 million tonnes steelmaking capacity is needed to be closed in order to attain sustainability.

 

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