In 2024, global steel demand is projected to increase by 1.7% to 1.793 billion metric tons, with further growth anticipated in the years to come. India is expected to be the driving force behind this demand growth as Chinese demand continues to decrease. Despite experiencing a decline and volatility in the post-pandemic market, global steel demand is showing signs of stabilizing and entering a growth trajectory for the coming years.
In 2025, global steel demand is forecasted to rise by 1.2% to 1.815 billion tons. China, the world’s largest producer and consumer of steel, saw a 3.3% decline in apparent steel use in 2023 but is expected to maintain stability in 2024. India has become a significant driver of steel demand growth since 2021, with an anticipated 8% increase in demand over the next two years.
While European demand faces challenges due to high inflation and tighter monetary policies, modest growth is expected this year followed by a projected 5.3% gain in 2025. In the U.S., strong investment activity is set to boost demand this year after a slowdown in 2023 caused by a housing market downturn.
Overall, the global steel industry is poised for growth in the coming years, with India and the U.S leading the way in driving demand
