The World Steel Association (worldsteel) has released its April 2019 short-range outlook. The association says that global steel demand will reach 1.735 million tonnes in 2019, an increase of 1.3% over 2018. In 2020, demand is projected to grow by 1% to reach 1.752mt.

The new outlook confirms the expectation of a slight downward revision compared to the outlook for 2019 and 2020 issued in October last year. In global terms the revision for 2019 was minor (down to 1.3% from the 1.4% previously expected); nevertheless, important changes were registered in some local outlooks, including China.

“In 2019 and 2020, global steel demand is expected to continue to grow, but growth rates will moderate in tandem with a slowing global economy. Uncertainty over the trade environment and volatility in the financial markets have not yet subsided and could pose downside risks to this forecast,” says worldsteel Economics Committee chairman Saeed Al Romaithi.

Global steel demand increased by 2.1% in 2018 and grew slightly slower than in 2017. “In 2019 and 2020 growth is still expected, but in a less favourable economic environment. China’s deceleration, a slowing global economy, and uncertainty surrounding trade policies and the political situation in many regions suggest a possible moderation in business confidence and investment,” worldsteel adds.