Global steel demand to grow 5.8% in CY ’21, further 2.7% in CY ’22: World Steel

World Steel Association recently released its short range outlook for the year 2021 and 2022. The association forecasts that global steel demand this year would grow by 5.8% to 1,874 mn t, after declining by 0.2% in the previous year. Further, the demand would grow by another 2.7% to 1,925 mn t in CY ’22. The world steel assumes that the ongoing second or third waves of infections would stablilise in the Q2 CY ’21 and the world’s steel consumption and production activities would normalize in major steel using countries.