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Kallanish Steel Weekly: ArcelorMittal’s steel global demand outlook remains stable, decreases for Europe (Nov. 14, 2023)

Issue 43, 2023 - This week's editorial: ArcelorMittal’s steel global demand outlook remains stable, decreases for Europe

ArcelorMittal, the second largest steelmaking group in the world, has retained its global ex- China apparent steel consumption growth forecast for 2023 of 1-2%. However, it expects European demand to fall below the previous forecast range due to weak construction-driven long products demand, and Indian consumption to rise above the previous forecast.

“Based on year-to-date developments and the current economic outlook, ArcelorMittal continues to forecast global ex-China apparent steel consumption to grow by between +1.0% to +2.0% in 2023 as compared to 2022. Within this forecast, we expect ASC in Europe to be below the bottom end of our previous forecast range (-0.5% to +1.5%) due to weak demand for long products given weaker construction activity, whilst ASC in India is expected to be above the top end of the previous forecast range (+6.0% to +8.0%),” the company said.

The steelmaking group expects broadly stable on-year shipments in 2023. The second half of the year is being impacted by scheduled blast furnace relines in Gent and Bremen. “Given the prevailing low spread environment, the company is prioritising the replenishment of its metal stock during 2H 2023, to be well positioned to respond to customer demand in an improved spread environment,” it says.

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