The association predicts that the demand for steel will increase in the future. While it is projected to grow slightly in 2023, they say it may shrink by 2024.
ALACERO Executive Director Alejandro Wagner stated that it is possible for steel demand to contract in 2024 due to low global growth, strong energy crisis and geopolitical restructuring due to the war between Russia and Ukraine.
Regarding steel prices, Wagner said the price drops are widespread responses to falling demand after 2021, a year of strong growth. They also stated that the adjustment in steel prices, the resumption of supplies from developing countries, and the rising raw material prices after pressure from China may cause the iron and steel industry to shrink.