The World Steel Association (WSA) has released its latest short-term steel demand forecast report (2022-2023). The report showed that global steel demand will fall 2.3 percent to 1,796.7 million tons in 2022, following a 2.8 percent increase in 2021. In 2023, steel demand will recover by 1.0 percent to 1,814.7 million tons.
The current forecasts are a downward revision from those made in April, reflecting the impact of persistently high inflation and interest rates around the world. While the economy will struggle in 2022 due to high inflation, monetary tightening and slowing growth in China, infrastructure demand is expected to boost steel demand slightly in 2023.
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