2023 Japan and South Korea steel demand forecast

Japan's steel demand will recover moderately in 2022 and continue to maintain in 2023. In 2022, the increase in the cost of raw materials and the shortage of labor force have led to a slowdown in the recovery of Japan's construction industry, thus weakening the recovery momentum of steel demand. However, with the support of non residential construction industry and machinery industry, Japan's steel demand will maintain a moderate recovery in 2022; In 2023, the growth of demand in the automobile industry and the reduction of supply chain restrictions will also drive Japan's steel demand to continue to recover.

South Korea's steel demand forecast results are poor. The World Steel Association predicts that in 2022, due to the contraction of infrastructure investment and construction industry, South Korea's steel demand will decline; In 2023, as the supply chain problem of the automobile industry slows down and the demand for ship delivery and construction industry increases, the Korean economy will recover, but the recovery of the manufacturing industry will still be limited by the weakening of the global economy.