Global steel demand is likely to recover in 2021

In 2021, the international steel market may show a trend of first rising and then declining. At present, important progress has been made in vaccine research and development. Various countries have launched fiscal, monetary and other measures to promote economic recovery. The world economy is expected to enter into repair growth in 2021. According to the IMF's forecast, the world is expected to usher in a recovery after a low base recession in 2021, with economic growth rebounding to 5.2%. In the process of economic recovery, global steel demand will resume growth.

It is expected that the global steel demand will increase by 4.1% to 1.795 billion tons in 2021, of which China's steel demand will remain stable, and the steel demand of developed economies will increase by 7.9%; it is predicted that the global steel demand in 2021 will be 1.833 billion tons, a year-on-year increase of 4.9%.

It is predicted that China's steel demand will reach 991 million tons in 2021, with a year-on-year growth of 1.0%. The agency believes that China's economy and fixed asset investment will maintain a rapid growth trend in 2021, and the steel demand of construction, machinery, automobile, energy, household appliances, railway, container, hardware products, steel wood furniture and other industries will increase slightly, but the steel demand of shipbuilding industry will continue to decline. It is predicted that China's total steel demand will increase slightly in 2021.