According to the latest research released by the Metallurgical Industry Planning and Research Institute, it is estimated that China’s steel consumption in 2022 will be 920 million tons, down 3.1% year on year; It is predicted that the demand for steel in 2023 will be 910 million tons, down 1.1% year-on-year.
Referencing the analysis of global and regional economic development and steel demand, it is estimated that the global steel consumption in 2022 will be 1.795 billion tons, down 2.0% year-on-year; It is predicted that the global steel demand in 2023 will be 1.801 billion tons, with a year-on-year growth of 0.4%.
| NO. | Region | Steel Demand (MILLION TONS) | |||
| 2022 | YoY(%) | 2023 | YoY(%) | ||
| 1 | Asia | 1266 | -1.9 | 1273 | 0.5 |
| 2 | Europ | 196 | -3.8 | 193 | -1.4 |
| 3 | CIS+Ukraine | 52 | -8.8 | 50 | -6.1 |
| 4 | North America | 142 | 0.9 | 143 | 1.0 |
| 5 | South America | 42 | -6.6 | 42 | 1.9 |
| 6 | Africa | 39 | 2.9 | 41 | 5.1 |
| 7 | Middle East | 50 | 2.1 | 51 | 2.0 |
| 8 | Oceania | 7 | 4.5 | 7 | 2.9 |
| Total | 1794.8 | -2.0 | 1801.1 | 0.4 | |
