The World Steel Association releases a short-term global steel demand forecast-a contraction of 2.4%
On October 15, the World Steel Association released the latest version of the short-term global steel demand forecast for 2020 and 2021. Although the forecast results still indicate that global steel demand will decline in 2020, the decline is much smaller than previously expected.
The World Steel Association predicts 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. Due to China's strong recovery, the decline in global steel demand this year will be reduced. It is foreseeable that after the closure of the new crown pneumonia epidemic, the demand for steel in other countries in the world will also exceed previous expectations. Nevertheless, in 2020, whether it is a developed economy or a developing economy, the steel demand will still shrink sharply, and it will not partially recover until 2021.
The forecast believes that despite the current rebound of the epidemic in many countries and regions around the world, national blockade measures will not be taken again. On the contrary, through selective and purposeful adoption of certain epidemic prevention measures, the rebound of the epidemic will be effectively curbed.
Al Remeithi, Chairman of the World Steel Association’s Market Research Committee, said: “In April this year, the global steel industry has recovered from the lowest point of steel demand and has been recovering since mid-May. Nevertheless, due to the different industrial structures of various countries in the world The same, and the adoption of 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. In the world In other countries, the steel demand will still shrink sharply. The new crown pneumonia pandemic 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 impact ."