MTECHTIPS

MTECHTIPS:-World Steel demand to hit record high of 1,455 Mt in 2013: Worldsteel

World demand for steel will grow by 3.2% in 2013 and will reach a record high of 1,455 Mt, according to a forecast by World Steel Association (worldsteel). The developing and emerging world overall will see their steel demand growing by 3.0% and 3.7% in 2012 and 2013 respectively, whereas in the developed world steel demand will contract by -0.3% in 2012 and then grow by 1.9% growth in 2013.An increase of 2.1% in global apparent steel use in 2012 is also forecasted by worldsteel in its October 2012 Short Range Outlook (SRO) for 2012 and 2013, the half year revision from its April 2012 statement.Some signs of recovery from the slowdown of the last quarter of 2011 was seen earlier this year and a better second half performance is expected in 2012.The economic situation has deteriorated during the second quarter of this year due to continued uncertainty arising from the debt crisis in euro zone and a sharper than expected slowdown in China.Steel demand in China is expected to increase by 2.5% to 639.5 Mt in 2012 after 6.2% growth in 2011. In 2013, Government stimulus measures are likely to moderately improve the economic situation.Due to both unfavourable domestic and external economic conditions, India’s steel demand growth is projected to slow down to 5.5% in 2012 and 5.0% in 2013. Apparent steel use will reach 73.6 Mt in 2012 and 77.3 Mt in 2013.