WSA: Steel Demand Recovery Stronger than Expected in 2021

Global steel demand will grow by 4.5% in 2021 and reach 1.855 billion metric tons following a 0.1% growth the year prior, according to World Steel Association’s (worldsteel) October 2021 Short-Range Outlook (SRO).

An additional increase of 2.2% to 1.896 billion metric tons in 2022 is forecast for steel demand worldwide. The current forecast assumes that the universal progress of vaccinations will lead to a less damaging and disruptive global spread of COVID-19 variants than seen in previous waves, said worldsteel.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.