SINGAPORE: Global steel demand is expected to grow by 1.7% in 2024 following a 2.3% rebound forecast for this year based on a recovery in manufacturing activity, an executive from the World Steel Association (WSA) said on Tuesday.
In the long run, the Association of Southeast Asian Nations (ASEAN) is expected to see a doubling in steel demand by 2035 from 80 million tonnes currently, Frank Zhong, the association’s deputy director general told an industry conference.
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In the short term, the steel industry will focus on optimising energy efficiency of existing facilities and maximising steel scrap usage to reduce the carbon footprint of the industry, Zhong said.
“Scrap will play a critical role and iron ore will be the primary player,” he said. Global availability of scrap steel in expected to climb to 1.1 billion to 1.2 billion tonnes in three decades from 700 million tonnes, Zhong said.
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