worldsteel: Global steel demand up by 6% in 2012

The World Steel Association (worldsteel) forecasts that apparent steel use will increase by 5.9% to 1,359mmt in 2011, following 13.2% growth in 2010. In 2012, it is forecast that world steel demand will grow further by 6% to reach a new record of 1,441mmt.

Steel demand in the MENA region is expected to remain stagnant in 2011, mainly due to downward revisions from North African countries. However, boosted by high oil prices, steel use in MENA is forecast to resume growth in 2012 at a rate of 7.9%. Given the political situation in the region, there are considerable uncertainties to the current forecasts.