Steel demand in developing economies (excluding China) will grow at a low speed

With the persistence of the impact of the COVID-19 pandemic and inflation, as well as many emerging economies entering a tight money cycle, the recovery of steel demand in developing economies (except China) faces more challenges.

Steel demand in developing economies (excluding China) increased by 10.7% in 2021, following a 7.7% decline in 2020, a figure slightly higher than the forecast of the World Steel Association.

In 2022 and 2023, developing economies (except China) will continue to face challenges brought by the deteriorating external environment, the conflict between Russia and Ukraine and the tightening of monetary policy in the United States. These challenges will lead to the low-speed growth of steel demand in developing economies (except China) in the past two years, which is expected to increase by 0.5% and 4.5% respectively.