World Steel Use to Fall in Another Bleak Sign for Global Economy
- Demand set to drop 2.3% in 2022, World Steel Association says
- Slowing China economy and Europe energy crunch curb use
Rolls of steel on a transport wharf at a production facility in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Global steel demand is set to contract this year as Europe’s energy crisis and China’s economic slowdown undercut consumption, according to the World Steel Association.
Demand for the metal -- which is widely viewed as an economic barometer -- will drop 2.3% in 2022, bucking an April outlook for a small increase, the group said in research published Wednesday. Consumption in top producer China is set to contract 4% due to the slump in its property sector.