Worldsteel Forecasts Global Steel Demand at 1.76B Tonnes by 2027
However, the ongoing Middle East conflict is likely to weigh on demand in the region during 2026.
SEATTLE (Scrap Monster): The World Steel Association (worldsteel) has projected a steady recovery in global steel demand, according to its April 2026 Short Range Outlook released in Berlin. The report forecasts global demand to increase by 0.3% in 2026 to reach 1,724 million tonnes (Mt), followed by a stronger growth of 2.2% in 2027 to 1,762 Mt.
Alfonso Hidalgo Calcerrada noted that global steel demand is bottoming out after a prolonged period of weakness since 2022. The recovery is expected to gain momentum from 2026, supported by improving regional dynamics. China’s demand contraction is projected to ease to -1.5% in 2026, as its housing sector stabilizes, while emerging economies—especially India—continue to post strong growth.
However, the ongoing Middle East conflict is likely to weigh on demand in the region during 2026. Despite this, major developed economies, including the European Union, the United States, Canada, Japan, and South Korea, are expected to return to positive growth by 2027.
Excluding China, global steel demand is forecast to grow sharply by 4.0% in 2027. India will remain the fastest-growing major market, driven by infrastructure expansion, rising automotive demand, and sustained capital investment, while Africa is emerging as a key long-term growth driver.
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