Global steel demand downgraded, to drop 2.3% in 2022: WorldSteel

Global steel demand will erode this year by 2.3% due to surging inflation and climbing interest rates, the World Steel Association (WSA) said on Wednesday, downgrading their forecast.
 

The industry group revised its April forecast, which saw steel consumption edging up by 0.4% in 2022, after deteriorating economic conditions, including a slowdown in top consumer China, a statement said.
 

A global recovery in steel demand next year is still expected, mainly due to a rise in infrastructure spending, but the growth will be 1% instead of 2.2% as forecast earlier this year, the WSA said.
 

"2022 might have been the