The World Steel Association predicts that global steel demand will increase 1.8 percent in 2018, though Chinese steel demand will drop more than other countries' over the next two years.
[April 26, 2018 | Inside US Trade]
The association, a Brussels-based trade group that says its members represent 85 percent of world steel production, released a semi-annual “Short Range Outlook” last week that assesses global steel demand through 2019.
The association says it believes Chinese steel demand will decrease by 2 percent by 2019, while the U.S. growth rate will increase by that amount. China, according to the analysis, was the top steel user in 2017, followed by the U.S., India, Japan and South Korea.
In 2017, Chinese steel demand showed “only a moderate increase,” the association said in an April 17 press release.
“[Chinese] Steel demand in 2018 is expected to stay flat. In 2019, it is expected to contract by 2.0% with a further slowdown in construction activity. In manufacturing, the machinery sector is expected to maintain positive growth on the back of a strong global economy while automotive and home appliances are expected to decelerate,” the release states.