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Global Steel Sheet Demand Is Expected to Grow Steadily

Global Steel Sheet Demand Is Expected to Grow Steadily

On April 18th, Edwin Basson, director-general of the World Steel Association, said that global steel sheet demand is expected to maintain steady growth over the long term, growing at a compound annual growth rate of 1%. The peak has been reached.
Overall, we can see that steel sheet demand is growing positively and turning more to developing countries. The steel sheet market is very strong and demand is expected to increase slightly from the current 1.7 billion tons per year.By 2040, global steel demand is expected to grow steadily to 2 billion tons.
Earlier this week, the World Steel Association predicted that global steel sheet demand would increase by 1.3% to 1.735 billion tons in 2019, a significant increase from last year’s 2.1%, while last year’s significant increase in demand was mainly driven by Chinese demand. The World Steel Association estimates that global steel sheet demand will be 1.752 billion tons in 2020, a year-on-year increase of 1%, while Chinese demand is expected to fall by 1%. China’s steel demand has reached its peak. However, China’s steel output is still growing. The National Bureau of Statistics released data showing that in March, China’s crude steel output was 80.33 million tons, an increase of 10%. Due to the end of the winter production reduction policy and the increase in end-user demand, production is expected to increase further in April. China’s steel demand will be stable for a long time.
The recent increase in production may increase China’s crude steel output in 2019 from 929 million tons in 2018 to 949 million tons. As the government increases control over the steel industry, China plans to add more than 60 million tons of steelmaking capacity through capacity replacement.
At present, the demand for finished steel products in China has reached a peak of 860 million tons. The gap between production and demand means that China will continue to be a steel exporter, but exports are more stable at present than that in the past. This year, China’s steel exports will reach 60 to 80 million tons. According to the worldsteel forecast, although India’s steel demand growth is fast, it is expected to exceed 7% in 2019 and 2020, but this is not enough to support the market. Unless Africa’s demand increases, the global market will be boosted, but it is not expected to happen in the next few years.
The global trade protectionism in the steel industry has intensified, or it will lead to increased regionalization of steel trade and use. The G20 Global Overcapacity Forum and China’s production reduction and restructuring plans are working to address global overcapacity. In the past three years, the global excess capacity has dropped from 760 million tons to the latest forecast of 540 million tons.

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