According to the latest'Resources and Energy Quarterly'report from Australia's Bureau of Resources and Energy Economics,World steel consumption will jump around 4%to 1.55 billion tonnes in 2013.
Usage in China is also forecast to increase by 4%to give a total of 668 million tonnes as'commencement of construction on government-funded infrastructure projects is expected to increase steel consumption demand in the second half of 2013'.Demand for steel in India for infrastructure projects is expected to increase domestic steel consumption by 7%in 2013 whereas EU steel usage is thought likely to remain largely unchanged from its 2011 and 2012 level.
BREE also forecasts that world steel production will increase by 2%in 2012 and by a further 3%in 2013 to 1.59 billion tonnes,with China's output expected to climb 4%next year to 732 million tonnes.'The growth is in line with higher domestic consumption demand from infrastructure projects and forecast higher exports of steel products,'the organisation explains.
India's steel production is forecast to increase by 6%in 2012 and 7%in 2013 to yield a total of 82 million tonnes,but output in the EU is predicted to follow up a 3%decline in 2012 with another,more minor fall in 2013 to give a total for the latter year of 170 million tonnes'as the steel industry continues to consolidate in response to lower European demand'.
