February 21, 2012
The global steel demand is expected to register 5.4% growth in 2012 to around 1,500 million metric tons on higher consumption from developing nations, said the World Steel Association (worldsteel) in a briefing.
According to worldsteel, the global steel consumption will grow from 1,397 million tons in 2011 as consumption in developing regions is higher. The demand for steel is expected to advanced by 2.5% in the European Union to 159 million tonnes over the last year.
“The demand of steel may grow by 5.7% and 4.9% in Commonwealth of Independent States and countries signatory to North American Free Trade Agreement to 60 million tonnes and 121 million metric tons, respectively,” worldsteel added.
Countries in Central & North America and Africa are expected to register 9.8% and 11% growth in steel demand in the current year to 52.4 million metric tons and 23.8 million metric tons, respectively, over the last year.
“The exceptionally high growth rate for Africa is partly the result of weak steel consumption at the start of 2011, owing to the political uncertainty in the region for a large part of 2011,” worldsteel continued.
The growth in steel demand would be 7.9% and 5.4% in the Middle East and Asia & Oceania in 2012 to 15 million metric tons and 963.1 million metric tons, respectively. India’s steel consumption was around 68 million metric tons in 2011, the third highest steel consuming country in the world after China and the US.
The demand for steel in China is likely to be its lowest level over the last three years to 6% in 2012 to 682 million metric tons. However, “This does not mean that China is becoming less important as a steel consumer. It only means that China is growing larger at a slower pace,” worldsteel concluded.
Source: Scrap Monster
