Global steel demand will shrink by 2.4% in 2020

Global steel demand will shrink by 2.4% in 2020. The global steel industry has recovered from the lowest level of steel demand.

The World Steel Association released the latest short-term steel demand forecast for 2020 and 2021 on the 16th. Although the forecast results still show that steel demand will decline in 2020, the decline is far less than previously expected.

In 2020, global steel demand will shrink by 2.4% to 1.725.1 billion tons. In 2021, global steel demand is expected to return to 1.795.1 billion tons, up 4.1% year-on-year. Due to China's strong recovery, the decline in global steel demand this year will be reduced. After the blockade, steel demand in the rest of the world exceeded our previous forecast. Nevertheless, steel demand in both developed and developing economies will shrink deeply in 2020, and will not recover until 2021.

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