Global steel demand in countries other than China is expected to grow annually

From 2024 to 2025, global steel demand in countries other than China is expected to grow by 3.5% annually. Specifically, from 2024 to 2025, due to the impact of local infrastructure investment, India's steel demand will continue to grow by 8%. The steel demand in 2025 is expected to be nearly 70 million tons higher than in 2020.

After the slowdown in growth rate from 2022 to 2023, the steel demand of other emerging economies such as the Middle East, North Africa, and ASEAN is expected to accelerate from 2024 to 2025. Among them, ASEAN is expected to further slow down the growth rate of steel demand due to political instability and other factors.

The steel demand of developed economies is expected to increase by 1.3% and 2.7% in 2024 and 2025, respectively. The EU's steel demand is expected to show substantial recovery in 2025, and the United States, Japan, and South Korea will also maintain their resilience in steel demand. It is worth noting that the European Union and the United Kingdom remain the regions facing the greatest challenges in the current global steel demand growth. The steel industry in the European Union and the UK is facing many challenges, including geopolitical changes and uncertainty, high inflation, monetary tightening, and the cancellation of some fiscal support, as well as high energy and commodity prices. In 2023, steel demand will significantly decline to its lowest level since 2000, and the forecast for 2024 will also be significantly lowered. It is expected that there will be signs of recovery in 2025, with a growth rate of 5.3%. The fundamentals of US steel are still promising and are expected to quickly return to growth in 2024.