According to SteelRadar's market research, it focuses on the forecasted global steel demand for 2024, concentrating on key consumer regions and their anticipated consumption patterns. According to the research report;
China:
According to the data analysis, China is expected to maintain its steel consumption at 393.3 million tons in 2024, mirroring the volume observed in the previous year (2023).
England and European Union:
In 2024, the combined steel consumption of England and the European Union is projected to reach 152.7 million tons, reflecting a significant 5.8% increase compared to the previous year.
North America:
The United States, Canada, and Mexico are anticipated to collectively consume 136.1 million tons of steel in 2024, marking a 1.5% growth from the consumption recorded in 2023.
ASEAN Countries:
The ASEAN countries are expected to exhibit a robust growth rate in steel consumption, with a forecasted 5.2% increase, reaching a total of 79.2 million tons in 2024.
MENA Region:
Countries in the Middle East and North Africa (MENA) region are projected to consume 76.6 million tons of steel in 2024, showing a 3.5% growth compared to the previous year.
Middle East:
The Middle East is expected to witness a 3.2% increase in steel consumption, reaching a total of 57.9 million tons in 2024.
Ukraine, Russia, and CIS Countries:
Ukraine, Russia, and other CIS countries are forecasted to request 55.2 million tons of steel in 2024, indicating a modest 1% increase from the previous year.
In summary, the global steel demand forecast for 2024 reveals varying growth rates across key consumer regions. While China maintains its consumption levels, regions like Europe, North America, ASEAN, and MENA are expected to witness notable increases, contributing to the overall dynamics of the global steel market in the upcoming year.
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