In 2022, the steel consumption in various regions was affected by the Russian-Uzbekistan conflict and the economic downturn, resulting in a decline in consumption in Asia, Europe, CIS countries, and South America. CIS countries were hit the hardest, with a drop of 8.8% in steel consumption. Conversely, North America, Africa, the Middle East, and Oceania recorded an increase in steel consumption, with year-on-year growth of 0.9%, 2.9%, 2.1%, and 4.5%, respectively. Looking ahead to 2023, demand for steel in CIS countries and Europe is expected to continue to decline, while other regions will experience a slight increase in demand.
Regarding the change in steel demand pattern in different regions, the proportion of steel demand in Asia is expected to remain at about 71%, maintaining its position as the world’s largest consumer. Europe and North America will continue to be the second and third largest consumers, with Europe’s demand dropping by 0.2 percentage points year on year to 10.7%, while North America sees a 0.3 percentage points increase to 7.5%. In 2023, CIS countries’ proportion of steel demand is set to decrease to 2.8%, putting it on par with the Middle East, whilst Africa and South America will see increases to 2.3% and 2.4%, respectively.
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Post time: Jan-31-2023