Worldsteel: global steel demand to stay flat in 2026, followed by 1.7% rise in 2027
2026-10-15 10:49:32 [Print]
The World Steel Association (worldsteel) has released its Short Range Outlook (SRO), projecting global steel demand to hold steady at 1,722 million tonnes in 2026, before rising 1.7% to 1,752 million tonnes in 2027.
China's ongoing structural property downturn and energy supply disruptions in the Middle East are weighing on the 2026 global demand reading. Excluding China, steel consumption across the rest of the world will climb 1.5% this year and pick up to 4.0% in 2027. Emerging markets outside China are set to register 1.9% demand growth in 2026 and 5.1% in 2027, underpinned by India's strong 7.9% expansion.
Industrial activity in advanced economies is expected to stabilise with 1.0% growth in 2026, then accelerate to 2.2% in 2027, supported by AI-related investment, defence spending and energy transition projects.
European steel demand is forecast to dip by 0.3% in 2026, ahead of a 3.1% recovery in 2027.
China's ongoing structural property downturn and energy supply disruptions in the Middle East are weighing on the 2026 global demand reading. Excluding China, steel consumption across the rest of the world will climb 1.5% this year and pick up to 4.0% in 2027. Emerging markets outside China are set to register 1.9% demand growth in 2026 and 5.1% in 2027, underpinned by India's strong 7.9% expansion.
Industrial activity in advanced economies is expected to stabilise with 1.0% growth in 2026, then accelerate to 2.2% in 2027, supported by AI-related investment, defence spending and energy transition projects.
European steel demand is forecast to dip by 0.3% in 2026, ahead of a 3.1% recovery in 2027.
