Global steel demand forecast to rise again by 2026

VTV.vn - Global steel demand may resume growth next year after slowing down this year, according to forecasts from the World Steel Association Worldsteel.

Global steel demand to rebound by 2026

The latest report from the World Steel Association (Worldsteel) forecasts that global steel demand in 2025 will stabilize at around 1.75 billion tonnes as in 2024 and is expected to increase by 1.3% to 1.77 billion tonnes in 2026. The optimistic outlook for the steel market is underpinned by the resilience of the global economy , investment in public infrastructure in most major economies around the world and the expected easing of financial conditions, the Association's Short-Term Outlook report said.

According to Worldsteel, growth in 2026 will be driven by a combination of regional trends. While steel demand from China will slow, demand will grow strongly in developing economies such as India, Vietnam, Egypt and Saudi Arabia. The report also notes that steel demand in Europe will rebound, alongside a 9% growth in steel demand between 2025 and 2026 in India (demand is expected to increase by almost 75 million tonnes in 2026 compared to 2020), and relatively strong demand growth of 5.5% this year in Central and South America.

For the US market, Worldsteel forecasts steel demand to rise 1.8% this year as production ramps up ahead of tariff hikes and infrastructure spending continues to rise. The market is also forecast to grow 1.8% in 2026, driven by pent-up demand from housing construction and private investment, as well as easing financial conditions and reduced uncertainty. The organization said that growth could be further boosted by the implementation of economic stimulus packages, which could boost many sectors.

Meanwhile, Worlsteel estimates that over the past three years, African steel demand has grown at an average rate of 5.5% per annum, driven in particular by strong activity in the continent’s northern and eastern regions. This new momentum is supported by improved macroeconomic fundamentals and governance, and will take African steel demand to around 41 million tonnes by 2025.

However, Worldsteel also said the global manufacturing sector continues to face pressure from rising production costs and continued consumer affordability. In addition, escalating trade tensions are having a direct negative impact on steel demand in economies that rely heavily on exports of steel-intensive goods, such as machinery and auto components.

Source: https://vtv.vn/nhu-cau-thep-toan-cau-du-bao-tang-tro-lai-vao-nam-2026-100251016212239427.htm