Worldsteel expects a 27 percent drop in steel consumption in Ukraine

The World Metallurgical Association Worldsteel predicts a reduction in steel consumption in Ukraine by the end of 2015 by 27 percent to 3.1 million tons, with an increase of 9 percent in 2016 to 3.4 percent. This was announced during the 49th annual conference, held in Chicago on October 11-13, by the head of the Worldsteel economic subcommittee, Hans Jurgen Kerkhoff.

According to Worldsteel's forecast, world steel consumption in 2015 will decrease by 1.7 percent to 1.513 million 400 thousand tons, with a further growth in 2016 by 0.7 percent - to 1.523 million 400 thousand tons.

The top ten countries in terms of steel consumption in 2015 will look as follows: China - 685.9 million tons, USA - 103.8 million tons, India - 81.5 million tons, Japan - 64.0 million tons, South Korea - 54.8 million tons, Russia - 38.5 million tons , Germany - 39.5 million tons, Turkey - 33.9 million tons, Brazil - 22.3, Mexico - 23.6 million tons.

The fall in steel consumption, according to Worldsteel, is mainly due to the slowdown in the Chinese economy, which they expect to stabilize in 2016.

In emerging markets, steel consumption is falling amid rising geopolitical tensions and rising domestic political instability in some countries.

Steel consumption in Ukraine is falling due to the ongoing armed conflict in the eastern part of the country, which affects business activity and the apparent consumption of steel products.