The global steel demand is expected to register a 5.4% growth in the current year to around 1,500 million tonne on higher consumption from developing nations, World Steel Association (WSA) said today.
WSA's Director General Edwin Basson in a presentation said the steel consumption will grow from 1,397 million tonne last year as consumption in developing regions is higher. WSA members represent around 85% of the world steel production.
Basson said the demand for steel is expected to grow by 2.5% in the European Union to 159 million tonne over the last year.
The demand of steel may grow by 5.7% and 4.9% in Commonwealth of Independent States and countries signatory to North American Free Trade Agreement to 60 million tonne and 121 million tonne, respectively, he said.
Countries in Central & North America and Africa are expected to register 9.8% and 11% growth in steel demand in the current year to 52.4 million tonne and 23.8 million tonne, respectively, over the last year.
"The exceptionally high growth rate for Africa is partly the result of weak steel consumption at the start of 2011, owing to the political uncertainty in the region for a large part of 2011," Basson said.
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The growth in steel demand would be 7.9% and 5.4% in the Middle East and Asia & Oceania in 2012 to 15 million tonne and 963.1 million tonne, respectively.
India's steel consumption was around 68 million tonne in 2011, the third-highest steel consuming country in the world after China and the US.
Basson said the demand for steel in China is likely to be its lowest level over the last three years to 6% in the current year to 682 million tonne.
However, he added: "This does not mean that China is becoming less important as a steel consumer. It only means that China is growing larger at a slower pace."