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World steel demand to grow 3.2%

Published: 12th October 2012 10:21 AM  |   Last Updated: 12th October 2012 10:21 AM   |  A+A-

World steel demand is expected to grow by 3.2 per cent in 2013 but it would depend on recovery in key markets like China and Euro-zone economies, the World Steel Association said here on Thursday.

World Steel Economics Committee’s Chairman Hans Jurgen Kerkhoff said: “We expect the situation to gradually improve in 2013 on the basis that the Euro-zone crisis can be contained, the US successfully deals with the fiscal tightening due in 2013 and the economic stimuli measures secure a soft landing in China”.

World Steel is one of the largest industry associations across the globe and represents 170 steel producers (including 17 of the world’s 20 largest steel units). Its members produce around 85% of the total global steel.

For the current year, it has forecast a growth of 2.1%, which is lower than that of 6.2% growth of 2011.

According to the outlook, demand in China -- the growth engine for world steel consumption -- is expected to increase by 2.5 per cent to 639.5 MT during the current year. The East-Asian country, which had reported a growth of 6.2 per cent in 2011, has been witnessing a worse-than-expected slowdown in demand this year.

For India, it said 5.5% growth in demand is expected during the current calender year and it will come down further to 5% in 2013, “due to both unfavourable domestic and external economic conditions”. Steel use in India is estimated to be at 77.3mt in 2013.

For 2013, it has forecast a 2.4% growth for euro zone-27 countries and said: “Steel demand in Europe, however, remains at a depressed level and economic growth between countries continues to be uneven.”



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