What is the short range outlook for 2023 & 2024?

The World Steel Association (worldsteel) today released an update of the Short Range Outlook (SRO) for 2023 and 2024. worldsteel forecasts that steel demand will grow by 1.8% in 2023 and reach 1,814.5 Mt after contracting by 3.3% in 2022. In 2024, steel demand will see a further increase of 1.9% to 1,849.1 Mt.

Will steel demand recover in 2023?

However, for the upcoming year, the newest trends in the industry will rely on their outcome. Experts from The World Steel Association have published their Short Range Outlook for the coming year predicting that steel demand will begin to recover at an increase of one percent in 2023, creating a total value of 1.81 billion mt.

How much steel does Ukraine need in 2023?

Ukrainian steel demand currently stands at 40% of its pre-war level and recovery to the pre-war level is likely to take some considerable time. After falling by 8.7% in 2022, total steel demand in the region is expected to fall by a further 3.5% in 2023 and then by 4.3% in 2024.

What happened to steel in 2022?

While expectations were high for steel in 2022, see how those expectations ended up being a bit too optimistic. What Happened in 2022? The price of U.S. steel has continued to drop since May 2022, bottoming out in November 2022. Even with a late-year increase, prices for steel decreased around 12% in 2022.