World Steel Association Forecasts 0.1% Global Steel Demand Contraction This Year
Updated
Summary
The World Steel Association revised its global steel demand outlook to a 0.1% contraction this year, reversing its previous forecast of 0.3% growth in April.
Why it matters
The association also lowered its forecast for global steel demand growth in 2027, to 1.7% from 2.2%.
Regional projections differ: China’s steel demand is expected to decline by 2% this year as its property downturn persists longer than previously anticipated, while Europe’s outlook has weakened amid a slower and more uneven construction recovery. The association also cited disruptions caused by the Middle East conflict as a factor in the weaker global outlook.
India is a contrasting growth market: the association projects steel demand there to expand by 7.9% in 2026 and 8% in 2027, describing it as the fastest-growing major steel market globally.