Global steel demand is expected to increase by 2.3% this year and 1.7% next year, reflecting a recovery in the manufacturing industry, according to the World Steel Association.
Worldsteel forecasts that steel demand in the Association of Southeast Asian Nations (ASEAN) will double from the current 80 million tons by 2035.
In the short term, the steel industry will focus on optimizing the energy efficiency of existing plants and maximizing the use of scrap to reduce carbon emissions in the steel industry. Global scrap supply is expected to increase from 700 million tons to 1.1-1.2 billion tons in 30 years.
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