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A recovery in steel demand is unlikely before next year, an industry group said today, owing to a slowdown in the Chinese economy and weakness in manufacturing. The forecast comes as the industry is roiled by a collapse in prices, the fear of cheap Chinese steel flooding markets, and the social impact of cutbacks to production.
“The economic environment facing the steel industry continues to be challenging with China’s slowdown impacting globally...” said TV Narendran, who heads the economics committee of the World Steel Association (worldsteel).
After dropping by three per cent last year, global steel demand will decrease by another 0.8 per cent this year to 1,488 million tonnes, worldsteel predicts. “Growth for steel demand in all markets except China is expected in 2017”, with an expansion of 0.4 per cent to 1,494 million tonnes, said Narendran, who is also managing director of Tata Steel for India and South-East Asia.
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