Business Standard

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

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

metals, commodity, steel prices
Premium

Reuters
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

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 19 2022 | 7:56 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com