Despite the upgrade, economic conditions will hamper growth in steel consumption this year, which is due to reach 1.822 billion tonnes after declining by 3.2% in 2022, World Steel Association said.
Despite the upgrade, economic conditions will hamper growth in steel consumption this year, which is due to reach 1.822 billion tonnes after declining by 3.2% in 2022, World Steel Association said.
Global steel demand will rebound this year by 2.3%, mainly due to a recovery in manufacturing activity, the World Steel Association (WSA) said on Tuesday, upgrading its forecast.
The industry group revised its October forecast, which estimated steel consumption would rise by 1% in 2023, a statement said.
Despite the upgrade, economic conditions will hamper growth in steel consumption this year, which is due to reach 1.822 billion tonnes after declining by 3.2% in 2022, the group added.
"Manufacturing is expected to lead the recovery, but high interest rates will continue to weigh on steel demand," the WSA said.
Upbeat elements for this year include "China’s reopening, Europe’s resilience in the face of the energy crisis, and the easing of supply chain bottlenecks", it added.
Growth in steel demand is due to continue next year but at a slower pace, rising 1.7% to 1.822 billion tonnes, according to the group of producers that accounts for about 85% of global steel output.
Steel demand in China, which accounts for about half of global consumption, is forecast to rise by 2% in 2023 and be flat next year.
The US President said the trade deal with China was complete for him and President Xi Jinping to approve.
Prime Minister Pham Minh Chinh emphasized that Vietnam and France still have much potential for cooperation development, including in the field of urban transport.
In the context of globalization and fierce competition, trade policies of major powers can have profound impacts on supply chains and production and export activities. One typical example is former US President Donald Trump's strong tariffs on Chinese goods, which contributed to reducing the US trade deficit by 2,800 billion USD in just 4 years. This story provides many strategic perspectives for Vietnamese enterprises, especially the non-ferrous metal industry - a sector that is heavily dependent on international trade.
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