Speaking at the SteelOrbis 2026 spring conference and the 94th meeting of IREPAS, Alexander Gordienko, export director of Spain's CELSA Group, said global GDP growth remains positive but weaker than expected.
According to the International Monetary Fund, he noted that global growth in 2026 has been revised to 3.1 percent from 3.3 percent on a conditional basis. easing geopolitical tensions. As for the steel industry, he said this was resulting in continued underlying demand, but without the strength needed for a significant recovery in consumption.
Oversupply persists despite robust demand
Mr Gordienko said demand was more resilient than initially feared, but the market remained oversupplied and highly competitive. This reflects a situation of weak but still positive macroeconomic support rather than a true cyclical recovery, he said, adding that global steel demand is expected to grow by just 0.3 percent in 2026, according to the World Steel Association.
A CELSA Group official said regional dynamics remain uneven, with India and emerging Asia driving growth. India stands out as the strongest market, he noted, with steel demand forecast to increase by 7.4 percent, supported by infrastructure investment expected to grow by 11.4 percent over the 2026-27 period. Africa is expected to grow by 3.8 percent, while the EU-UK region will see modest growth of 1.3 percent.
Mr Gordienko went on to say that
