a global recovery in steel demand next year is still expected mainly due to a rise in infrastructure spending but the growth will be 1 instead of 22 as forecast earlier this year the wsa saidby eric onstadglobal steel demand will erode this year by 23 due to surging inflation and climbing interest rates the world steel association wsa said on wednesday downgrading their forecast the industry group revised its april forecast which saw steel consumption edging up by 04 in 2022 after deteriorating economic conditions including a slowdown in top consumer china a statement said advt a global recovery in steel demand next year is still expected mainly due to a rise in infrastructure spending but the growth will be 1 instead of 22 as forecast earlier this year the wsa said 2022 might have been the worst year and 2023 might be looking better wsa director general edwin basson said in an online presentation we are seeing very very strong driving forces beginning to stack up that indicates that there will be growth in infrastructure steel demand is now expected to fall to 1797 billion tonnes in 2022 with the sector also hit by supply chain constraints according to the group of producers that accounts for about 85 of global steel output supply bottlenecks during the pandemic had started to ease but the war in ukraine and chinas strict covid19 containment policies mean they were still an issue the industry group said in a statement the covid lockdowns in china were a big factor in a reversal of steel demand from a recovery in late 2021 to a decline by the second quarter of this year it added steel demand in china which accounts for 51 of global consumption is forecast to drop by 4 in 2022 and be flat next year the auto sector was a bright spot in the first half of 2022 with production having recovered but rising interest rates that make cars less affordable may curb those gains the wsa said advt read moregermany to massively expand electric car charging networkthe share of electric vehicles in germany grew 248 yearonyear to a total share of 146 of all newly registered automobiles according to figures released by the countrys federal office for motor vehiclessee more details reuters published on oct 20 2022 at 1225 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app steel demand in china inflation global steel world steel association saw steel consumption auto sector