The World Steel Association (Worldsteel), the Brussels-based organization that represents steel producers that account for nearly 85 percent of global steel production, national and regional steel industry associations and steel research institutes, has revised its Short Range Outlook through 2021. Compared with the Short Range Outlook the association released in June of this year, the view is more optimistic.
Worldsteel forecasts that steel demand will contract by 2.4 percent to 1,725.1 million metric tons as a result of the COVID-19 pandemic. In 2021, the association says it expects steel demand to recover to 1,795.1 million metric tons, an increase of 4.1 percent relative to 2020.
In the June forecast, Worldsteel predicted that steel demand would contract by 6.4 percent, dropping to 1,654 million metric tons. At that time, the association says it expected steel demand to reach 1,717 million metric tons in 2021.
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