The World Steel Association has sharply improved its forecast for global steel demand, saying the industry is recovering from the pandemic downturn more quickly than it projected in June. In its Short Range Outlook published on 15 October, worldsteel expects demand to fall by 2.4% in 2020 to 1,725.1 million tonnes, followed by a 4.1% rebound in 2021 to 1,795.1 million tonnes. The June forecast had pointed to a much deeper 6.4% drop this year. China is doing most of the heavy lifting: its steel demand is expected to grow by 8% in 2020, supported by government infrastructure spending and a strong property market. By contrast, demand in the developed economies is forecast to fall by 14.9% this year before rising 7.9% in 2021, while emerging economies outside China are set for a 12.3% decline and a 10.6% recovery. The outlook assumes that the resurgence of infections in many countries will be contained with targeted measures rather than repeated nationwide lockdowns.
Source: marketSTEEL — https://www.marketsteel.com/news-details/worldsteel-releases-positive-short-range-outlook-october-2020.html
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