The World Steel Association (worldsteel) has lowered its forecast for global steel demand growth to 0.4% (about 1.84 billion tons) in 2022, compared to the previously forecast growth of 2.2%.
However, the US steel mill Nucor Corporation said that the overall final demand for steel is strong.
Nucor and Steel Dynamics manufacture steel frames, steel plates, piles and fences for the construction industry and posted outstanding first-quarter sales. They believed that the European and American markets were gradually recovering.
In contrast, China is a major steel producer and consumer country, and the outbreak of the pandemic continues to grow, with the lockdown time being repeatedly extended. International steel futures prices began to decline. Some market participants said that the recovery of the Chinese market depends on the situation with the pandemic.
Worldsteel predicts a decline in global steel demand in 2022
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