Global Steel Demand Set for Slight Rise in 2026, Says worldsteel
Steel News | 2025-10-14 12:16:59
The trade body anticipates relatively strong growth of 5.5% in Central and South America’s steel demand, primarily driven by robust growth in Argentina.
By Paul Ploumis
SEATTLE (Scrap Monster): The World Steel Association (worldsteel) has released its latest Short Range Outlook (SRO), projecting global steel demand to remain largely flat in 2025 at around 1.750 million tonnes (Mt), compared with 2024. However, a modest recovery is expected in 2026, with demand rising to 1.772 Mt, marking a 1.3% year-on-year increase.
Regional Steel Demand Trends:
China: Steel demand is expected to continue its decline in 2025, falling by 2%, though the downward trend is slowing and projected to drop only 1% in 2026.
Developing Countries (Excluding China): Strong growth is anticipated, with demand rising 3.4% in 2025 and 4.7% in 2026.
India: The country is set for a significant steel demand surge of around 9% in both 2025 and 2026, reaching 75 Mt higher than 2020 levels.
Central & South America: Steel demand is expected to grow 5.5%, mainly driven by Argentina.
Developed World: A slight decline of 0.5% is projected for 2025, followed by a 1.5% recovery in 2026. The U.S. is forecast to rebound by 1.8% annually over the next two years.
This worldsteel SRO report highlights the mixed global steel demand trends, with robust growth in emerging markets offsetting slower demand in China and developed economies.
RECOMMENDED STORIES:
POLL
Which region do you think will drive global steel growth the most in 2026?
Frequently Asked Questions
- What does the latest worldsteel SRO say about global steel demand in 2025?
- Global steel demand is expected to remain largely flat in 2025 at around 1.750 million tonnes (Mt), compared with 2024.
- How is steel demand expected to trend in China?
- China’s steel demand is expected to decline by 2% in 2025, but the downward trend is slowing, with a projected 1% decline in 2026.
- What is the overall takeaway from the worldsteel SRO?
- The report highlights mixed global steel demand trends, with robust growth in emerging markets offsetting slower demand in China and developed economies.
