There is uncertainty about the change of steel demand in 2022 and 2023

On April 14, the World Iron and Steel Association released the latest version of the short-term steel demand forecast report (2022-2023). The report shows that global steel demand will continue to grow by 0.4% in 2022, reaching 1.8402 billion tons, following a 2.7% increase in 2021. In 2023, the global steel demand will continue to grow by 2.2% to 1.881.4 billion tons. The World Steel Association said that under the background of the conflict between Russia and Ukraine, there is a high degree of uncertainty in the current prediction results.

Commenting on the forecast results, Máximo Vedoya, chairman of the Market Research Committee of the World Steel Association, said: "In 2021, despite the supply chain crisis and several rounds of COVID-19, the recovery of steel demand in many parts of the world was stronger than expected. However, due to China's economic slowdown, the growth of global steel demand decreased in 2021. There is still a high degree of uncertainty about the change of steel demand in 2022 and 2023. The expectations of the World Steel Association for a sustained and stable recovery of steel demand have been shaken by the conflict between Russia and Ukraine and global inflation."