China Steel demand to grow 7.8% in 2019: worldsteel
BRUSSELS (Scrap Register): The World Steel Association has revised its 2019 Short-Range Outlook (SRO) for steel demand higher on the back of strong Chinese demand.
The Brussels based Worldsteel provided an updated SRO at its General Assembly in Monterrey, Mexico, and forecast global steel demand to grow by 3.9% to 1.775 billion tonnes, compared to an earlier forecast of 1.3% or 1.735 billion tonnes in April.
As per the new estimates, global steel demand is expected to grow by another 1.7% in 2020 to 1.805 billion tonnes with higher contribution expected from emerging and developing economies, excluding China.
Steel demand in China will grow by 7.8% to reach 900.1 million tonnes and the rest of the world is expected to record 0.2% growth to 874.9 million tonnes, worldsteel said.
Commenting on the outlook, Al Remeithi, Chairman of the Worldsteel Economics Committee said: “The current SRO suggests that global steel demand will continue to grow in 2019, more than we expected in these challenging times, mainly due to China.”