According to the World Steel Association, China will account for less than half of global steel consumption in 2024 due to the decrease in the property sector. ‘China is on top structurally in terms of steel demand,’ said Simon Trott, iron ore manager at Rio Tinto Group, adding that more steel will be needed worldwide in the next 20 years.
Worldsteel forecasts that China's steel consumption will decrease for the fourth time to 869 million tons in 2024, while demand in other countries will increase by 1.2% to 882 million tons. China's market share is expected to shrink further in 2025.
India's market will grow by 8% this year to 143 million tons, while other emerging economies are expected to grow by around 7%. Worldsteel said there are risks to its forecasts, taking into account the impact of Beijing's recent stimulus measures on Chinese steel demand.
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