The World Steel Association (worldsteel) is holding its General Assembly in Brussels, an annual event attended by the leaders of the largest steel companies around the world. Member countries represent approximately 85% of global steel production, including more than 160 steel producers with nine of the top 10 steel companies, national and regional steel industry associations and steel research institutes. This year marks 50 years.
Three key messages from the first day of the Worldsteel General Assembly:
1. Trump is not the savior of the US steel industry.
President Donald Trump's ascent to the White House has been largely welcomed by the American steel industry. But the global steelmaker predicts US steel demand will grow by just 1.1% in 2018, up from 4.8% this year.
2. Steel consumption in China has been drastically understated.
Worldsteel was surprised by a 12.4% rise in steel demand in China this year due to the removal of induction furnace capacity. Like underground banking, the real power situation in China has always been difficult to accurately assess given the size and fragmentation of the industry.
3. Developing countries begin to dominate the table of top consumers
The following year, Vietnam was projected to rank among the leaders in the global steel industry for the first time in steel demand with 27 million tonnes. Vietnam is the main driver of steel demand in the region. Mexico is one place above Vietnam, at ninth position, with a projected steel demand of 27.6 million tonnes. Back in 2007, Italy and Spain were on a similar list, but Germany is the only European representative in 2018.
Top 10 Countries: Steel Demand Forecast, 2018 (million tonnes)
China 765.7
United States 97.3
India 92.1
Japan 64.5
South Korea 56.4
Germany 41.6
Russia 40.5
Turkey 35.5
Mexico 27.6
Vietnam 27.0
Key findings of the Worldsteel General Assembly
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Azovpromstal® 19 October 2017 г. 11:16 |
