Tunis:The World Steel Association has released its Short Range Outlook, forecasting that global steel demand will remain stable at 1,722 million metric tonnes in 2026, with a growth of 1.7% anticipated in 2027 to reach 1,752 million metric tonnes.
According to Emirates News Agency, Alfonso Hidalgo de Calcerrada, Chair of the worldsteel Economics Committee, stated that the expected recovery in steel demand is slower than predicted. While demand was initially projected to grow modestly in 2026, it is now expected to remain flat, with a 1.7% increase forecasted for 2027. This adjustment is largely attributed to structural changes in China, although demand outside China is forecasted to grow by 1.5% this year and accelerate to 4.0% in 2027, as previously projected.
The report also highlights a significant revision in the Gulf Cooperation Council (GCC) region's steel demand. Initially predicted to increase, the demand is now expected to decline by about 11% in 2026 due to project delays amid ongoing instability in the Middle East. However, a strong rebound of 11.3% is anticipated in 2027 as conditions stabilize, bringing the regional demand back to its 2025 level.