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World Steel Association: In 2023, steel demand will recover by 1.0% to 1.8147 billion tons

Brussels, Belgium, October 19, 2022, world steel released the latest short-term (2022-2023) steel demand forecast report.

The report shows that global steel demand will fall by 2.3% to 1,796.7 million tonnes in 2022, following a 2.8% increase in 2021.

In 2023, steel demand will recover by 1.0% to 1.8147 billion tons.

The current forecast is a downward revision to forecasts made in April, reflecting the impact of persistently high global inflation and interest rates.

Affected by high inflation, monetary tightening and the slowdown of China’s economic growth, economic operation in 2022 will be difficult.

Nonetheless, infrastructure demand is expected to slightly boost steel demand in 2023.

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