Global Steel Demand Stalls at 1.72B Tons, Rebound Due in 2027
(MENAFN) World steel demand will go nowhere this year, and the recovery will be slower than expected, the World Steel Association said Monday in its Short Range Outlook report.
The industry body forecasts demand will hold flat at 1.72 billion metric tons in 2026, then climb 1.7% to 1.75 billion metric tons in 2027.
Alfonso Hidalgo de Calcerrada, chair of the association’s economics committee, said the rebound is proving more gradual than previously anticipated.
China drags, rest of world accelerates
Outside China, demand is projected to grow 1.5% in 2026 and speed up to 4% in 2027.
China is the main drag. Its demand is expected to shrink 2% in 2026 as the property investment slump and weak infrastructure spending persist. The association expects the decline to ease to 1% in 2027 as real estate losses slow.
Developing economies and India lead growth
Excluding China, developing economies are forecast to expand 1.9% in 2026 and 5.1% in 2027.
India remains the fastest-growing major market. Its demand is set to rise 7.9% to 172.4 million metric tons in 2026 and 8% to 186.2 million metric tons in 2027.
The Gulf Cooperation Council region is heading for a sharp reversal. Regional conflicts are delaying project starts, and demand is projected to fall about 11% in 2026 before rebounding 11.3% in 2027.
ASEAN-5 demand is forecast to grow 5.2% in 2026 and 3.2% in 2027, driven by strong construction activity in Vietnam.
Developed markets
Demand in developed economies is projected to rise 1% in 2026 and 2.2% in 2027, after stabilizing in 2025.
In the US, data centers and energy infrastructure investment should lift demand 2% in 2026 and 1.5% in 2027.
Apparent steel use in the EU is expected to slip 0.3% in 2026 before rebounding 3.1% in 2027.
Japan’s demand is forecast to grow 0.9% in 2026 and 1.7% in 2027, while South Korea’s is projected to rise 1.8% and 1.3% over the same years.
The industry body forecasts demand will hold flat at 1.72 billion metric tons in 2026, then climb 1.7% to 1.75 billion metric tons in 2027.
Alfonso Hidalgo de Calcerrada, chair of the association’s economics committee, said the rebound is proving more gradual than previously anticipated.
China drags, rest of world accelerates
Outside China, demand is projected to grow 1.5% in 2026 and speed up to 4% in 2027.
China is the main drag. Its demand is expected to shrink 2% in 2026 as the property investment slump and weak infrastructure spending persist. The association expects the decline to ease to 1% in 2027 as real estate losses slow.
Developing economies and India lead growth
Excluding China, developing economies are forecast to expand 1.9% in 2026 and 5.1% in 2027.
India remains the fastest-growing major market. Its demand is set to rise 7.9% to 172.4 million metric tons in 2026 and 8% to 186.2 million metric tons in 2027.
The Gulf Cooperation Council region is heading for a sharp reversal. Regional conflicts are delaying project starts, and demand is projected to fall about 11% in 2026 before rebounding 11.3% in 2027.
ASEAN-5 demand is forecast to grow 5.2% in 2026 and 3.2% in 2027, driven by strong construction activity in Vietnam.
Developed markets
Demand in developed economies is projected to rise 1% in 2026 and 2.2% in 2027, after stabilizing in 2025.
In the US, data centers and energy infrastructure investment should lift demand 2% in 2026 and 1.5% in 2027.
Apparent steel use in the EU is expected to slip 0.3% in 2026 before rebounding 3.1% in 2027.
Japan’s demand is forecast to grow 0.9% in 2026 and 1.7% in 2027, while South Korea’s is projected to rise 1.8% and 1.3% over the same years.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment