Global demand for finished steel products should exceed one billion metric tons this year for the first time, according to an estimate released April 19 by the International Iron and Steel Institute. "Total world demand is forecast to grow by 3.7% in 2005, an increase of 36 million metric tons compared to 2004," the IISI said in a statement.
For China, the increase is projected to be greater than 10%, and the industry group estimated that the Asian giant "will account for 29% of total steel demand and nearly 80% of world growth in 2005". Elsewhere, demand is projected to grow only by around 1%, or eight million metric tons.
Copyright Agence France-Presse, 2005