GLOBAL steel demand will grow by 4.5 per cent in 2021 and reach 1,855.4 tonnes after 0.1 per cent growth in 2020, according to the World Steel Association (worldsteel).
In 2022, steel demand will see a further increase of 2.2 per cent to hit 1,896.4 tonnes, stated worldsteel in its short-range outlook released by its economic committee, led by its chairman Engineer Saeed Ghumran Al Remeithi, also the CEO of UAE-based Emirates Steel, at its bi-annual meeting in Brussels, Belgium.
The forecast assumes that, with the progress of vaccinations across the world, the spread of variants of the coronavirus will be less damaging and disruptive than seen in previous waves.
Al Remeithi said: “2021 has seen a stronger than expected recovery in steel demand, leading to upward revisions in our forecast across the board except for China. Strong manufacturing activity bolstered by pent-up demand is the main contributor.”