The global steel demand is
expected to register a 5.4 per cent growth in the current year to around 1,500
million tonnes on higher consumption from developing nations, World Steel
Association (WSA) said on Monday.
WSA's Director General, Mr Edwin
Basson in a presentation said the steel consumption will grow from 1,397
million tonnes last year as consumption in developing regions is higher. WSA
members represent around 85 per cent of the world steel production.
Mr Basson said the demand for
steel is expected to grow by 2.5 per cent in the European Union to 159 million
tonnes over the last year.
The demand of steel may grow by
5.7 per cent and 4.9 per cent in Commonwealth of Independent States and
countries signatory to North American Free Trade Agreement to 60 million tonnes
and 121 million tonnes, respectively, he said.
Countries in Central & North
America and Africa are expected to register 9.8 per cent and 11 per cent growth
in steel demand in the current year to 52.4 million tonnes and 23.8 million
tonnes, respectively, over the last year.
“The exceptionally high growth
rate for Africa is partly the result of weak steel consumption at the start of
2011, owing to the political uncertainty in the region for a large part of
2011,” Mr Basson said.
The growth in steel demand would
be 7.9 per cent and 5.4 per cent in the Middle East and Asia & Oceania in
2012 to 15 million tonnes and 963.1 million tonnes, respectively.
India's steel consumption was
around 68 million tonnes in 2011, the third-highest steel consuming country in
the world after China and the US.
Mr Basson said the demand for
steel in China is likely to be its lowest level over the last three years to
six per cent in the current year to 682 million tonnes.
Source: The Business Line
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