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World Steel Association predicts: global steel demand will shrink by 2.4% in 2020

Add Time:2021-01-14 Hits:47

On October 15, the World Steel Association released the latest version of 2020 and 2021 short-term global steel demand forecasts. It is predicted that, affected by the new crown pneumonia epidemic, global steel demand will shrink by 2.4% in 2020 to 1.725 billion tons; in 2021, global steel demand will return to 1.795 billion tons, an increase of 4.1% year-on-year. China's steel demand in 2020 is expected to increase by 8.0%. Al Remeithi, Chairman of the Market Research Committee of the World Steel Association, said: “In April 2020, the global steel industry has recovered from the lowest point of steel demand, and has been recovering since mid-May. Nevertheless, due to the various industrial structures of various countries in the world Different, and adopting differentiated epidemic prevention and economic support measures, the recovery speed of global steel demand is uneven. Among them, China has shown surprising resilience to rebound, prompting a significant upward revision of global steel demand growth expectations in 2020. The demand for steel in other countries in the world will still shrink sharply. The new crown pneumonia epidemic has accelerated the development of some global megatrends, which are gradually changing the steel and downstream industries, and their long-term impact far exceeds the short-term influences."

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