Worldsteel publishes SRO 2015-2016

The World Steel Association (worldsteel) has released its Short Range Outlook (SRO) for 2015 and 2016.
Specifically, worldsteel forecasts that global apparent steel (including stainless steel and other CRAs) use will increase by 0.5 percent to 1,544 Mt in 2015 following growth of 0.6 percent in 2014. In 2016, it is forecast that world steel demand will grow by 1.4 percent and will reach 1,565 Mt. Overall, the outlook for the steel industry suggests slow growth for global steel demand.
Commenting on the outlook, Hans Jürgen Kerkhoff, Chairman of the worldsteel Economics Committee said, “We are releasing a restrained growth outlook for the global steel industry mainly due to the deceleration in China. The outlook also reflects the influence of major structural adjustments in most economies, particularly owing to limited investment growth post 2008. As these changes take effect, the steel industry will experience a slower pace of growth, it will focus on operational efficiencies and on the value that steel products generate for customers and society.”
Chinese steel demand in 2014 saw negative growth for the first time since 1995 due to the government’s rebalancing efforts that had a major impact on the real estate market. This situation is likely to remain unchanged in the short term and Chinese steel use will continue to record negative growth of -0.5 percent in both 2015 and 2016. In the medium term no strong rebound is expected. Some uncertainty remains regarding the impact of government measures aimed at stabilising the decelerating economy. In addition, the sharp decline in oil prices influenced the forecast, though its impact varies between countries.

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