IISI predicts growth in global steel consumption and upturn in China
The International Iron and Steel Institute Board of Directors meeting was held in Canada on April 6th. During the meeting, IISI directors concluded that the worldwide steel consumption will continue to increase mostly by the help of Asian growth. The growth forceast for global steel consumption was announced as 4.6% whereas the forecast for Asian growth was 6.2%. The board is also expecting the growth to continue next year by another 4.4% globally, and 5.7% in Asia. Of course increase in Chinese steel consumption is expected to be leading such growth. IISI has also commented that the softening in Chinese market should be considered as market adjustment due to increased inventories, and market will pick up soon after this short term adjustment period.