On October 19, the World Iron and Steel Association released the latest short-term (2022-2023) steel demand forecast report. The report shows that the global steel demand will decline by 2.3% to 1.7967 billion tons in 2022 after the growth of 2.8% in 2021; In 2023, it will increase slightly by 1.0% to reach 1814.7 billion tons.
The World Steel Association said that this version of the forecast results revised the forecast made in April, reflecting that the global economy in 2022 will face many difficulties due to high inflation, monetary tightening and other factors. Nevertheless, the demand for infrastructure construction may drive the demand for steel to increase slightly in 2023.
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