The World Steel Association cut its forecast for global steel demand on 17 October 2023, saying demand would grow by 1.8 percent in 2023 to 1,814.5 million tonnes, after contracting by 3.3 percent in 2022. Demand was forecast to rise by a further 1.9 percent in 2024 to 1,849.1 million tonnes. The update was weaker than the association's April forecast, which had seen demand rebounding by 2.3 percent in 2023, as high inflation and interest rates continued to weigh on construction and manufacturing. China's steel demand was expected to grow by 2.0 percent in 2023 on infrastructure spending and a stabilising property market, but to stay flat in 2024. Demand in the developed economies was expected to fall by 1.8 percent in 2023, while India's demand was forecast to grow by 8.6 percent.
Source: SteelOrbis — https://www.steelorbis.com/steel-news/latest-news/worldsteel-revises-down-steel-demand-forecast-for-2023-1310666.htm
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