The World Steel Association data shows positive growth in global steel demand in the coming years and shows that Asia and Oceania will have the highest demand for steel in 2023 and 2024.
Global steel demand in 2023 and 2024 – which regions want more steel?
According to the World Steel Association, the global demand for this metal in the current and future years indicates that international demand for steel in 2023 is 1.822 thousand tonnes; this is up 2.3 percent from last year. In 2024, global steel demand will grow by 1.7% year-on-year to 1.854,000 tonnes.

Steel demand by different regions of the world

The World Steel Association also forecasts the global demand  by different regions of the world, as follows:
Middle East steel demand will grow by 2.2% annually by 52 million tons in 2023 and in 2024 with annual growth of 3.2 percent to 54 million tons.
Steel demand in Russia and other CIS, along with Ukraine, will fall 3.5% in 2023 from last year, at 52 million tonnes. That figure will grow by six percent to 45 million tonnes in 2024.
African steel demand will be 0.2 percent lower in 2023 than in 2022 at 41 million tonnes and will grow 44 percent annualy in 2024.
Asia Oceania in 2023 with annual growth of 2.9 percent will demand for one million and 304 thousand tons and in 2024.
Among European countries, EU member states’ demand will be 151 million tonnes in 2023 with a drop of 0.4 percent and a 5.6 percent jump of 160 million tonnes in 2024.