The global steel demand is expected to register a 5.4 per cent growth in the current year to around 1,500 million tonnes on higher consumption from developing nations, World Steel Association (WSA) said on Monday.
WSA’s Director General, Mr Edwin Basson in a presentation said the steel consumption will grow from 1,397 million tonnes last year as consumption in developing regions is higher. WSA members represent around 85 per cent of the world steel production.
Mr Basson said the demand for steel is expected to grow by 2.5 per cent in the European Union to 159 million tonnes over the last year.
The demand of steel may grow by 5.7 per cent and 4.9 per cent in Commonwealth of Independent States and countries signatory to North American Free Trade Agreement to 60 million tonnes and 121 million tonnes, respectively, he said.
Countries in Central & North America and Africa are expected to register 9.8 per cent and 11 per cent growth in steel demand in the current year to 52.4 million tonnes and 23.8 million tonnes, respectively, over the last year.
“The exceptionally high growth rate for Africa is partly the result of weak steel consumption at the start of 2011, owing to the political uncertainty in the region for a large part of 2011,” Mr Basson said.
The growth in steel demand would be 7.9 per cent and 5.4 per cent in the Middle East and Asia & Oceania in 2012 to 15 million tonnes and 963.1 million tonnes, respectively.
India’s steel consumption was around 68 million tonnes in 2011, the third-highest steel consuming country in the world after China and the US.
Mr Basson said the demand for steel in China is likely to be its lowest level over the last three years to six per cent in the current year to 682 million tonnes.