Worldsteel forecasts that global steel demand will decline in 2022, while US steelmakers are of the opposite view.
The World Steel Association (worldsteel) has cut its forecast for global steel demand growth in 2022 to 0.4% (approximately 1.84 billion tons), compared to the previously estimated 2.2% growth.
However, US steelmaker Nucor Corporation stated that overall final demand for steel is strong.
Nucor and Steel Dynamics produced steel frames, steel plates, piles and fences for construction and achieved outstanding sales performance in the first quarter. They believed that the European and American markets were slowly recovering.
On the contrary, China is a major steel producing and consuming country, and the pandemic epidemic continues to grow, and the quarantine period has been repeatedly extended. International steel futures prices began to decline. Some market participants stated that the recovery of the Chinese market is dependent on the pandemic situation.
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