Projected demand for steel products in industrial and emerging markets 2021-2023

Demand for steel products in emerging markets is forecast to amount to approximately 1.44 billion metric tons in 2021. Emerging markets, India and China in particular, play a significant role in the global demand for steel products.

Demand for steel in China and India

China accounts for nearly half of the world’s steel consumption and similarly provides much of the global steel output. In the upcoming years, China’s steel product consumption is expected to grow slowly, by some three percent in 2021 and one percent in 2022. This was particularly reflected in the monthly steel production in March and April of 2021, which experienced a slight increase. At the same time, India is expected to see some of the fastest growth in the world, reaching close to 20 percent year-on-year in 2021. Domestic construction and infrastructure account for most of India’s steel demand.

The impact of coronavirus

Due to the COVID-19 crisis, the monthly crude steel demand had decreased in 2020, dipping especially in April of that year as national lockdowns were put in place, making manufacturing stagnant. 2021 saw a slow recovery, with figures dipping again in April of that year. The impact of the crisis has been mitigated by China's economic rebound.