Global steel demand will grow by 1.3% to more than 1.535 billion mt in 2017, and increase by 0.9% to a little over 1.548 billion mt in 2018, the World Steel Association said Friday in its short-range outlook.
Speaking during a media briefing in London, worldsteel's Director General Edwin Basson pointed to mostly modest growth expectations for all regions, outside of China.
China will likely see flat demand this year, followed by a 2% decline in 2018.
Central and South America are likely to experience the biggest demand growth over the next two years, with 3.5% and 4.7% increases expected in 2017 and 2018, respectively; those regions saw a 13.6% decline in 2016, according to worldsteel.
The CIS region is forecast to return to steel demand growth over the next two years as well, bouncing back from a 4.1% decline in 2016 to increases in 2017 and 2018 of 3.2% and 3.4%, respectively.
"And I really think that is the big story," Basson said of the turnaround in the CIS and Central and South America regions.
The EU 28 countries are likely to see collective 0.5% demand growth this year and 1.4% next year.
The NAFTA region should experience a 2.2% increase in 2017 and another 2.4% rise in 2018, worldsteel said.
