The World Steel Association (worldsteel) expects apparent steel consumption in the US to deliver a return to growth and recovery in 2014-2015, after a decrease of 0.6 percent in 2013, according to its short range outlook.
Worldsteel predicts that apparent steel consumption will grow by four percent to 99.4 million mt in 2014 and by 3.7 percent in 2015. The impact of the Federal Reserve Bank tapering program on the US economy has been contained so far, but future actions still remain a risk. Apparent steel consumption in Mexico is expected to grow by 3.4 percent to 19.2 million mt in 2014 and to grow further by 3.9 percent in 2015.
Meanwhile, in Central and South America, apparent steel consumption is projected to grow by 3.4 percent to 50.9 million mt in 2014, down from 4.3 percent in 2013. This is forecast to slow further to 2.7 percent in 2015 due to contraction in Argentina and a sharp slowdown in Chile, according to worldsteel. In Brazil, steel demand growth will slow to three percent to 27.2 million mt in 2014 and 3.2 percent in 2015 as high inflation and interest rates continue to restrain economic growth.