The World Steel Association (worldsteel) predicts apparent steel use will increase by 13.1% to 1.272Mt in 2010, after contracting by 6.6% in 2009.
In its short range outlook for 2010 and 2011 it said this was an improvement of 35Mt over the April outlook for 2010 exceeding the pre-crisis peak of 1.222Mt in 2007. In 2011, it is forecast that world steel demand will grow by 5.3% to reach a record 1.340Mt.
Daniel Novegil, chairman of the worldsteel economics committee said: “Our first forecast after the economic crisis in April 2009 suggested 8.4% growth in steel demand for 2010.
“We have now revised this figure up to 13.1% due to a better than expected forecast for the developed economies particularly EU, NAFTA, and CIS, as well as the continued strong rebound in most emerging economies.”