Growth in global demand for steel is forecast to slow in 2018, with China’s consumption of the metal expected to flatline as the Chinese economy matures and shifts focus from manufacturing to services.
Overall demand for the commodity will increase 1.6 per cent to 1.65bn tonnes next year, according to estimates by the World Steel Association. That compares with an underlying growth rate of 2.8 per cent in 2017.
Despite the slowdown, the figures mark an improvement compared with earlier estimates by the trade body, of 1.3 per cent demand growth this year and 0.9 per cent in 2018.
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