According to Worldsteel Association data, worldwide crude steel production was recorded at 161.2 million tons in March 2024, a decrease of 4.3% compared to the same period of the previous year, revealing that steel demand in the MENA region is expected to increase.
Among the list of crude steel production by countries including Algeria, Egypt, Libya, Morocco, South Africa and Tunisia, Africa increased its crude steel production by 1.1% to 1.9 million tons in March 2024 compared to March of the previous year. According to the data, it was reported that Africa accounted for 98% of the world's total crude steel production in 2023.
President of the World Steel Association Martin Theuringer stated, "After two years of negative growth and market volatility following the COVID pandemic, we are witnessing the first signs that global steel demand is on an upward trend."
Meanwhile, the Short Range Outlook report underlined that steel demand will increase in North Africa and Middle East Africa (MENA).
According to WorldSteel's predictions, steel demand is expected to increase in 2024 and 2025, after a decrease in the last two years. It is expected to increase by 4% to 57 million tons in 2024 and by 2.6% to 59 million tons in 2025.
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