The World Steel Association (worldsteel) has projected a gradual recovery in global steel demand over the next two years.
According to its April 2026 Short Range Outlook report:
- Global steel demand is expected to rise 0.3% in 2026 to 1.72 billion metric tons
- Growth is forecast to accelerate to 2.2% in 2027, reaching 1.76 billion metric tons
worldsteel said the market likely bottomed out in the 2025–2026 period and is entering a recovery phase.
India Leads Major Markets
India is expected to remain the fastest-growing major steel market:
- +7.4% demand growth in 2026
- +9.2% in 2027
Growth is supported by infrastructure investment, automotive demand, railway expansion, and consumer goods demand.
China Stabilizes
China’s steel demand contraction is forecast to slow to -1.5% in 2026, while demand is expected to remain largely flat in 2027.
Developed Markets Recover
- US demand: +1.7% in 2026, +2.0% in 2027
- EU & UK demand: recovery supported by infrastructure and defense spending
worldsteel cautioned that geopolitical tensions and energy market volatility remain major downside risks.
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