US steel demand is not expected to shrink in 2023

US steel demand is not expected to shrink in 2022 and 2023. The interest rate hike policy pursued by the Federal Reserve to curb inflation will end the strong recovery momentum of the US economy in the COVID-19.

Due to the weak economic environment, the strong US dollar and the shift of fiscal expenditure from goods to services, the US manufacturing activity is expected to cool rapidly. However, due to the accumulation of demand and the gradual unblocked supply chain, the American automobile industry is expected to maintain a positive momentum of development. The new infrastructure law issued by the US government will also promote the country's infrastructure investment. Therefore, despite the weak economy, the demand for steel in the United States is not expected to shrink.