Global Demand for Steel Will Advance at Slower Pace This Year
According to a report by the World Steel Association (WSA), worldwide demand for steel will rise just two percent in 2014 due “to a rebalancing of the Chinese economy and a slowdown in other emerging countries,” including those countries in South America. The new prediction is down from the 3.1 percent increase in steel demand the WSA forecasted in April. China’s demand for steel will increase just one percent this year and 0.8 percent in 2015, WSA said, while demand in the European Union (a four percent predicted increase), Japan (2.3 percent predicted increase) and the United States (6.7 percent predicted increase) will actually strengthen.