Global demand for steel has bottomed out and will rebound next year in the US, Europe and Japan, the World Steel Association said yesterday.
The association said there would be a smaller decline in global demand this year than initially expected, largely owing to the rapid recovery in China in recent months, with steel use likely to fall 8.6 per cent rather than the 14.1 per cent forecast.
With steel mills in developed countries beginning to restart some of their idle capacity on signs of stronger demand and an end to de-stocking by customers, global steel demand is forecast to rise by 9.2 per cent next year, taking it back to 2008 levels.
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