Türkiye's steel demand is expected to increase by 9 percent in 2024

The World Steel Association (worldsteel) today published its Short Term Outlook (SRO) steel demand forecast for 2024 and 2025.

According to the statement, it was stated that global steel demand will increase by 1.7 percent in 2024, reaching 1.79 billion tons. While it was shared that there are expectations for a 1.2 percent increase in steel demand to reach 1.82 billion tons next year, it was estimated that the steel demand in Türkiye would decrease by 5 percent to 39.4 million tons in 2025.

While Türkiye's crude steel production increased by 34.5% annually in the January-February period, reaching 6.3 million tons; In February, the annual increase amounted to 3.1 million tons, an increase of 46.6%.

According to published data, there are expectations that global steel demand will decrease to 1.2 percent in 2025.
Worldsteel said that global steel demand will increase by 17% in 2023, reaching 38.1 million tons in total production.

Martin Theuringer, Chairman of the World Steel Economy Committee, made a statement on the subject; “After two years of negative growth and severe market volatility since the COVID crisis in 2020, we are seeing the first signs that global steel demand is settling into a growth trajectory in 2024 and 2025,” said Theuringer, also giving his views on global steel demand. Martin While Theuringer stated that the effect of global steel demand remained weak, he attributed this situation to the fact that although the global economy seems to experience a soft landing due to the monetary tightening cycle, it still brings increasing costs.