SEATTLE (Scrap Monster): The recently published Short Range Outlook April 2022 by the World Steel Association (worldsteel) provides detailed insights into regional steel market trends.
According to the report, the steel demand in the U.S. witnessed strong recovery in 2021, mainly aided by strong multi-unit residential construction and durable goods. The recovery is expected to continue in 2022 and 2023, though at a slower pace. The steel demand will be mainly supported by recovery in non-residential construction, automotive sector, energy sector investments as well as anticipated capital investment projects triggered by the infrastructure bill.
Among developed Asian countries, Japanese steel demand surged higher by 12.3% in 2021, after falling sharply by 10.4% in the year prior to that. The country’s steel demand is expected to continue with a moderate recovery in 2022 and 2023. The South Korean steel demand was impacted only mildly from the pandemic. Following that, the demand made robust recovery too. The SRO predicts moderate growth in South Korean steel demand in 2022 and 2023, due to limited growth in automotive. Meantime, the steel demand growth is expected to normalise gradually in India.
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