World Steel Association
Uploaded by: Knoema
Accessed On: 18 October, 2018
Data for 2018 and 2019 are forecast values.
The World Steel Association (worldsteel) publishes a “Short Range Outlook (SRO)” twice annually. The SRO shows current year steel demand and forecasts demand for the next two years, covering the world, major regions, and the largest steel consuming countries.
China continued to close most of its outdated induction furnaces in 2017, a category which was not captured in official statistics. While nominal steel demand growth in 2018 is expected to reach 6.0%, the dynamics of steel using sectors suggest growth of 2.0% in real terms. Accordingly, real global growth in 2018 is 2.1%. As happened in our October 2017 Short Range Outlook, the disparity comes from an underestimation of 2017 steel use that had been supplied by the illegal induction furnaces.