On May 23, a senior executive of the World Steel Association (WSA) said that due to the recovery of manufacturing activities, global steel demand is expected to grow by 1.7% in 2024. It was previously expected that consumption would rebound by 2.3% this year.
Frank Zhong, deputy director-general of the Association of Southeast Asian Nations (ASEAN), also stated at an industry conference that in the long run, it is expected that by 2035, ASEAN’s steel demand will double from the current 80 million tons.
“In the next 10 years, there is still a lot of room for growth in global steel demand.” Chen Kexin, chief analyst of the Lange Iron and Steel Economic Research Center, said in an interview with a reporter from the China Economic Times that this is mainly because of the existence of global infrastructure, including European and American countries. Huge gaps, and aging infrastructure that needs updating. In addition, if the demand for infrastructure construction and new energy construction of the “Belt and Road” is released, it is conservatively estimated that in 10 years, the global steel demand will increase by more than 30% compared with 2022.
It is necessary to combine the reduction of domestic steel production capacity with the occupation of the international market, and transfer part of the rich domestic steel production capacity to foreign countries.