The estimated global steel demand is projected to rise by 3.9pc reaching 1.78bn mt for 2019, then by 1.7pc reaching 1.81bn mt in 2020. The estimated global steel consumption range for 2020 is similarly projected at 1.7bn to 1.8bn mt.
Over 1.54bn mt tons of finished steel products were consumed globally in 2016, an increase of 0.5pc compared to 2014 at slightly over 1.5bn mt. Prior to that, the steel industry, which is vital to shipbuilding, car manufacturing, construction, and infrastructure, went through challenging times. Between 2009 through 2013, steel demand was on a decline due to disruption in the US financial markets, economic growth slowing in China, and the European sovereign debt crisis.
Advances in the NAFTA and EU regions are expected to drive the upcoming projected increase along with rising demand in emerging economies. China is projected to come into stable steel consumption growth of 1-2pc through 2020 with demand for the metal in the country expected to rise by 7.8pc in 2019 and 1pc in 2020.
The graph illustrates estimated global steel demand between 2018 and 2020, by the top four regions, in million metric tons.