Latest metals news in October: the World Steel Association forecast steel demand to rise by 4.5% this year

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The onset of the COVID-19 pandemic disrupted supply chains around the world and, for a time, dented global steel demand.

However, the World Steel Association forecast steel demand will finish up 4.5% in 2021. The rise comes after a just 0.1% increase in 2020. Meanwhile, the World Steel Association forecast demand to rise by 2.2% in 2022.

“2021 has seen a stronger than expected recovery in steel demand, leading to upward revisions in our forecast across the board except for China,” said Saeed Al Remeithi, chairman of the World Steel Association Economics Committee. “Due to this vigorous recovery,  global steel demand outside China is expected to return earlier than expected to its pre-pandemic level this year.

“Strong manufacturing activity bolstered by pent-up demand is the main contributor. The developed economies have outperformed our earlier expectations by a larger margin than the developing economies, reflecting the positive benefit of higher vaccination rates and government support measures.”

Source: Miner Metals ( agmetalminer.com )