The World Steel Association is forecasting that global steel demand in 2010 will grow by 9.2%, citing strong growth in steel demand in China (mainland’s steel use in 2009 is expected to increase by 18.8% to reach 526 million metric tons). The association also significantly increased its demand forecast for 2009, to -8.6% from -14.1% tonnage-wise.
Commenting, Daniel Novegil, Chairman of the Worldsteel Economics Committee said: “The global recovery is stronger than we predicted in April. According to our current forecast, China will rebound 19% in 2009 and 5% in 2010. Emerging economies will slow down 17% in 2009, to grow 12% in 2010. Apparent steel use in developed economies, that contracted 34% in 2009, will rebound 15% in 2010. Therefore, worldsteel forecasts that global steel demand will return to growth in 2010 but this is expected to be moderate. As before the financial crisis, the emerging economies, especially China, will be the critical factor in driving world steel demand in the near future.”