In his presentation on the global market and macroeconomics at the SteelOrbis Spring 08 Conference and 58th IREPAS Meeting being held in Istanbul, Celsa Group commercial director Jose Angel Rey stated that global crude steel production in the January-February 2008 period increased by 5.09 percent to 220.000 million tons, up from 209.336 million mt during the same period in 2007.
Mr Rey also added that China's aparent steel consumption amounted to 398 million mt in 2007 and it is expected to rise to 444 million mt in 2008, Meanwhile, India's apparent consumption in 2007 was 52 million tons and is expected to reach 59 million mt in 2008; South America's apparent steel use in 2007 was 40 million mt and is expected to be 42 million in 2008; finally, Russia's steel consumption in 2007 was 45 million mt and is thought likely to rise to 49 million mt in 2008.
Mr Rey predicted that strong rebar demand is likely to continue all over the world, while China is expected to reach two-digit growth rates. He added that the soaring scrap prices and the high energy and transport costs will continue to push producers to increase prices. His forecast was for a continued upward price trend and a healthy marketplace situation in a growing overall market.