The latest forecast from the World Steel Associates estimates that apparent steel use (steel delivered to the marketplace) will contract 8.6% this year to 1,104 million metric tons before rebounding in 2010 to grow 9.2%. Leading the rebound will be nations covered by the North American Free Trade Agreement, for which steel demand is expected to grow 17.1% in 2010, after a 35.8% decline this year. Double-digit growth next year is also forecasted for the EU-27, “Other Europe,” Africa and the Middle East. In China, 2010 steel demand is expected to increase 5%, following an 18.8% increase this year that is expected to account for 48% of worldwide steel apparent use. China remains a driving force in steel demand. Excluding China, worldwide steel demand is estimated to decline 24.4% this year, before rising 13.1% in 2010.

Source: World Steel Associates