Global "steel demand" will experience a moderate growth In 2026.

The World Steel Association has released the latest short-term steel demand forecast report. After a long-term structural adjustment, global steel demand has entered a channel of bottoming out and rebounding. In 2026, global steel demand is expected to increase slightly by 0.3%, reaching 17.24 billion tons; by 2027, the growth momentum will accelerate significantly to 2.2%, with the total reaching 17.62 billion tons.
The latest data validates the data clearly stated in the report released by the World Steel Association in October last year, indicating that the long adjustment period that has suppressed global steel demand since 2022 is coming to an end. Global steel demand will start a moderate growth in 2026 and will witness a more significant acceleration in 2027. This recovery is driven by significant changes in regional patterns. Among them, the contraction in China's steel demand begins to narrow in 2026, while major developing markets led by India remain dynamic. However, the continuous complex situation in the Middle East will lead to a significant decline in steel demand in this region in 2026, changing its originally strong growth expectation.
The overall steel demand in developed countries is expected to undergo a substantive turning point. After a long period of contraction, major developed economies including the European Union, the United States, Canada, Japan, and South Korea are expected to achieve positive growth in 2027. Driven by this, the growth rate of global steel demand excluding China is expected to reach 4.0% in 2027.

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