World steel demand to reach record high in 2012

11:22, April 19, 2011      

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The World Steel Association ( worldsteel) forecast on Monday that world steel demand will reach a new record of 1,441 million tons in 2012.

The Association released its short-range outlook (SRO) for 2011 and 2012 in London. According to the SRO, steel use will increase by 5.9 percent to 1,359 million tons in 2011, following a 13.2- percent growth in 2010. In 2012, world steel demand is expected to grow further by 6.0 percent.

As the biggest steel consumer in the world, China's apparent steel use in 2011 is expected to increase by 5.0 percent to 605 million tons following a 5.1-percent growth in 2010. Given the pace of steel production in the first quarter of 2011, Chinese apparent steel use could be even higher.

However, it is expected that the Chinese government's efforts to cool down the overheating economy, particularly the real estate sector, will impact Chinese steel demand somewhat later this year. In 2012, Chinese steel demand is expected to maintain a 5.0- percent growth, which will bring China's apparent steel use to 635 million tons.

Daniel Novegil, chairman of the worldsteel Economics Committee, said: "2010 saw a steady recovery of steel demand which began in the second half of 2009 driven by stimulus packages globally, the resilience of emerging economies and an overall market recovery. In 2011, we expect to see a further 5.9-percent growth in world steel demand."

The World Steel Association is one of the largest industry associations in the world. It represents approximately 170 steel producers, national and regional steel industry associations, and steel research institutes. Worldsteel members produce around 85 percent of the world's steel.

Source: Xinhua
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