"Despite the significant escalation of the global trade war and the inherent uncertainty, we are cautiously optimistic that global steel demand will bottom out in 2025 and show moderate growth in 2026. This positive outlook is supported by the demonstrated resilience of the global economy, the continued strength of public infrastructure investment in most major economies, and the expected ease in financing conditions," said Alfonso Hidalgo de Calcerrada, chief economist at the Spanish Steel Producers Association (UNESCO) and chairman of the Global Steel Economics Committee.
According to Hidalgo de Calcerrada, the projected growth in 2026 will be driven by strong regional dynamics. While steel demand in China is expected to slow, steady growth is expected in developing countries such as India, Vietnam, Egypt and Saudi Arabia. Moreover, the long-awaited recovery in European steel demand is expected. However, challenges remain due to high production costs, weak consumer spending, escalating trade tensions, and geopolitical uncertainty affecting global steel demand.
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