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Steel Demand to See Modest Rise Amid Global Uncertainties
17 Apr
Summary
- Global steel demand to grow 0.3% in 2026, 2.2% in 2027.
- Developed economies to see positive steel demand growth in 2027.
- India remains the fastest-growing major steel market globally.
Global steel demand is anticipated to rise slightly by 0.3% in 2026, reaching 1,724 million tonnes, followed by a more significant 2.2% growth in 2027 to 1,762 million tonnes. This modest recovery follows a challenging period of global structural adjustments.
Developed economies, including the EU and US, are forecast to post positive steel demand growth in 2027 after experiencing a decline since 2021. The EU+UK region expects 1.3% growth in 2026, and the US anticipates 1.7% growth.
China's steel demand contraction is slowing, with a -1.5% projection for 2026, as infrastructure investments increase. India remains the standout performer, with demand expected to grow 7.4% in 2026 and 9.2% in 2027, fueled by construction and automotive sectors.
Africa also shows robust growth potential, with projected increases of 3.8% in 2026 and 4.6% in 2027, driven by urbanization and infrastructure development.
The West Asia conflict poses a significant risk, potentially impacting regional demand negatively in 2026, though the full extent remains to be seen.
