The World Steel Association issued a new short-range outlook for steel consumption, anticipating an increase of just 0.5% this year over 2014. That would mean total global steel consumption of 1.54 billion metric tons during the current year. For 2016, the association forecasts global steel consumption rising another 1.4%, totaling 1.565 billion metric tons.
World Steel Association is a trade group comprised of steelmakers in 65 countries, which tracks global steel production and consumption trends, and issues monthly reports on production and capacity utilization.
In its previous short-range forecast, issued in October 2014, the association forecast a falling rate of expansion in global steel consumption, and projected a 2.0% increase in consumption for 2015 versus 2014.
“We are releasing a restrained growth outlook for the global steel industry mainly due to the deceleration in China," said Hans Jürgen Kerkhoff, chairman of the World Steel Economics Committee. "The outlook also reflects the influence of major structural adjustments in most economies, particularly owing to limited investment growth post 2008.”