The World Steel Association released its latest short-term (2024-2025) steel demand forecast report, predicting a 0.9% decline in global steel demand for 2024, followed by a 1.2% rebound in 2025. The report indicates that the global steel market will face challenges in 2024, particularly in China where steel demand is expected to decrease by 3.0% and a further 1.0% in 2025, but could see a recovery with governmental intervention. Steel demand in developing countries (excluding China) is projected to grow by 3.5% in 2024 and 4.2% in 2025, with India's steel demand expected to see significant growth of 8.0% due to strong infrastructure investment.
Steel demand in developed countries is expected to decline by 2.0% in 2024 but is projected to grow by 1.9% in 2025, thanks to recoveries in the EU, the United States, and Japan.
The weakness in global manufacturing activity has led to a decline in steel demand, although a recovery is anticipated in 2025. The housing construction industry remains weak in 2024, especially in key regions like China, the United States, and the EU, but is expected to recover starting from 2025. The automotive industry is forecasted to experience a significant slowdown in 2024 but is expected to see modest growth in 2025.
Investments in public infrastructure and manufacturing have supported steel demand, particularly driven by the green transformation, which is creating new demand for steel. By the end of this decade, the demand for steel related to global renewable energy is expected to increase significantly, providing considerable support for overall steel demand in major developing economies like China and India, as well as in developed regions such as Europe and North America.
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