SEATTLE (Scrap Monster): The World Steel Association (worldsteel) released an update of its Short Range Outlook (SRO) for 2021 and 2022.
According to the steel trade body, the global steel demand is likely to report 4.5% growth over the previous year in 2021 to touch 1,855.4 million tonnes (Mt). This follows marginal growth of 0.1% recorded during the previous year. Also, the steel demand will further rise by 2.2% to hit 1,896.4 Mt in 2022. The forecast assumes that Covid-19 vaccinations will see good progress across the world and that the virus will be less damaging and disruptive than before.
The main contributor to the steel demand growth will be the pent-up demand bolstered by strong manufacturing activity. The government support measures have had a huge positive benefit on developed economies, which have outclassed developing economies where resurgence of infections has been reported. However, supply side constraints continue to remain as a main roadblock in the path to even stronger recovery.
Commenting on the revised outlook, Mr. Al Remeithi, Chairman, worldsteel Economics Committee said that the recovery in steel demand has been stronger than expected, except in China. The ex-China steel demand is likely to return to pre-pandemic level this year, earlier than expected, he added.
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