Singapore: As per news sources, the steel demand is expected to increase up to 1.7% in Global Market, which would be followed by a 2.3% rebound forecast for this year. The report was issued by World Steel Association (WSA) that was based on the recovery in manufacturing activity in the fiscal year.
According to the sources, the Association of Southeast Asian Nations (ASEAN) has predicted that steel demand will double by 2035 in the long run. The global steel demand is 80 million tonnes in the fiscal year. The report was announced at an industry conference that was chaired by Mr. Frank Zhong, Deputy Director General of the World Steel Association (WSA).
In addition, the short-term goal for the steel industry is to focus on optimizing energy efficiency. Mr. Zhong divulged that the efficient use of existing facilities and maximum usage of steel scrap would help reduce the industry’s carbon footprint. He said, “Scrap will play a critical role, and iron ore will be the primary player.”
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Moreover, the WSA director general added that global scrap steel availability is expected to reach 1.1 billion to 1.2 billion tonnes in three decades. The current scrap steel availability is around 700 million tonnes. Following is a chart that displays the steel demand growth forecasted by the World Steel Organization:
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