GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
  • Demand for steel in the emerging economies grew by 2.1% in 2018
  • Demand for steel is expected to remain positive into 2019, growing at 1.4% globally
  • Demand for steel in the Middle East region recorded an increase of 2.1% in 2018
Dubai, UAE, October 22, 2018:  Tokyo, Japan, The World Steel Association (worldsteel), headed by HE. Saeed Ghumran Al Remeithi, Emirates Steel CEO and the Chairman of the worldsteel Economic Committee, released its Short Range Outlook (SRO), during its bi-annual meeting Tokyo, Japan. 
 
According to the report, worldsteel projects global steel demand will reach 1,657.9 Mt in 2018, an increase of 2.1% over 2017. In 2019, it is forecasted that global steel demand will grow by 1.4% to reach 1,681.2 Mt.
 
Commenting on the outlook, Al Remeithi said: “In 2018, global steel demand continued to show resilience supported by the recovery in investment activities in developed economies and the improved performance of emerging economies. Demand for steel is expected to remain positive into 2019.”
 
“While the strength of steel demand recovery seen in 2017 was carried over to 2018, risks have increased. Rising trade tensions and volatile currency movements are increasing uncertainty. Normalization of monetary policies in the US and EU could also influence the currencies of emerging economies,” he added.
 
'In the Middle East region, steel demand increased by 2.1%, reaching 54.5 million tons this year. In 2019, steel demand is anticipated to grow by 1.2% to reach 55.1 million tons. Structural reforms and rising oil prices have helped boost the slow upward growth of steel in the GCC region,' Mr. Al Remeithi concluded.
 
Global steel demand trends and highlights for 2018 and 2019:
 
China: 
In the first half of 2018, Chinese steel demand got a boost from the mini stimulus in real estate and the strong global economy. However, continued economic rebalancing efforts and toughening environmental regulations will lead to deceleration of steel demand toward the end of 2018 and 2019.
 
Both downside and upside risks exist for China. Downside risks come from the ongoing trade friction with the US and a decelerating global economy. However, if the Chinese government decides to use stimulus measures to contain the potential slowdown of the Chinese economy in the face of a deteriorating economic environment, steel demand in 2019 will be boosted.
 
United Stated of America:
Steel demand in developed economies is expected to increase by 1.0% in 2018 and 1.2% in 2019.
US steel demand grew strongly in 2017, benefiting from strong consumer spending and business investment supported by tax and regulatory changes and fiscal stimulus, although growth in the construction sector moderated. Steel demand growth in 2019 is expected to slow as auto manufacturing and construction activity is expected to see modest growth. The manufacturing sector is expected to perform well thanks to the strength of the machinery and equipment sector.
 
European Union:
The broadening recovery of EU steel demand is expected to continue, though at a reduced pace, mainly driven by domestic demand. With business confidence high, investment and construction continued to recover while the automotive market may see slower demand growth. Though the economic fundamentals of the EU economy remain relatively healthy, steel demand in 2019 will show some deceleration over the growth seen in 2017-18, partly due to uncertainties resulting from global trade tensions.
 
Japan and Korea:
Steel demand in Japan is expected to remain stable due to supportive factors on investment (record-high corporate earnings, the continuation of monetary easing, demand associated with the Tokyo Olympics and the increasing need for labor-saving investments).
Steel demand in Korea will contract further in 2018 with all its major steel using sectors struggling. Only a minor recovery is expected in 2019.
 
India:
As India recovers from the twin shocks of demonetization and the goods and services tax (GST) implementation, India's steel demand is expected to move back to a higher growth track. Steel demand will be supported by improving investment and infrastructure programs. 
 
ASEAN region:
Sluggish construction activities and stock adjustments led to slow growth of steel demand in the ASEAN region in 2017 and 2018, but demand in the ASEAN region is expected to resume its growth momentum backed by infrastructure programmes in 2019 and onwards. Steel demand in developing Asia excluding China is expected to increase by 5.9% and 6.8% in 2018 and 2019 respectively.
 
Turkey and Russia:
Even with the rise in oil prices, growth in steel demand in Russia is expected to show weak momentum.
 
Turkish steel demand is expected to contract in 2018 with the currency crisis it has faced, but the government's stabilization measures and a consequent return to the competitiveness of the manufacturing sector is expected to help recovery in 2019.
 
Latin American:
Steel demand in the Latin American economies is continuing its second year of recovery backed by positive developments in the domestic and the global economy. Steel demand in Brazil continued its stable recovery in 2018. This will continue into 2019 as election fever subsides. Steel demand in Mexico has suffered from uncertainties related to the NAFTA negotiation and the election, but the recent signing of USMCA and the new President calming jittery markets are expected to help the economy to recover slowly in 2019.
 
Steel demand in the emerging economies excluding China is expected to grow 3.2% and 3.9% in 2018 and 2019 respectively.
 
The World Steel Association (worldsteel) is a non-profit organization based in Belgium with more than 170 members representing 85% of the world's steel production. HE. Engineer Saeed Ghumran Al Remeithi, Emirates Steel's Chief Executive Officer chairs the Economic Committee for 2 years running from 2018 until 2020. 



Posted by : GoDubai Editorial Team
Viewed 7015 times
Posted on : Monday, October 22, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Breakthrough designs from Steelcase debuted at Downtown Design
Next Story : Expo Centre Sharjah enhances its cooperation with the All India Plastic Manufacturers Association
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Juliette has a gun's New Vanilla Vibes Perfume, a hymn to Adventure and Freedom,...
Ralph Lauren Unveils the Earth Polo, Made Completely From Recycled Materials
Celebrate with the new AIGNER Ramadan collection
Chloé Launches The New Spring/summer 2019 Advertising Campaign Featuring Two Ico...
Express Yourself With the New Scents of Life Fragrance Collection From the Body Shop
Seasonal Offers from THT to keep you Pampered to Perfection this Ramadan
Cerruti 1881 launches a splendid new collection for the festive season
Worldwide Distribution Center Showcasing Thousands of Health and Beauty Products...
Brothers Claim Double Triumph in UAE Wakeboarding Championship
Exclusive Louboutin's for the Middle East
Diva Abaya's Ramadan 2019 Collection - A fusion of tradition and fashion!
CND™ Sweet Escape: The Collection Awaken the Senses
Nazih Group Organizes a Special Gathering for its Industry Partners
The essence Prep-list for a Regret-free Prom
One Giant Leap for Resolution: Samsung Announces Availability of the UAE's first...
OPPO unveils Reno Series with 10x Zoom and Pivot Rising Camera
CND Essential Care Pens
Introducing Innovative Skincare Solutions from PMD Beauty
Discover Marks & Spencer's Dreamy Oud Collection this Ramadan
Memento Mori- A Celebration of Life
A Gift to Treasure
New CND™ Vinylux™ Gel-Like Effect Top Coat
Glamorous Gilda for elegant lady
Joyalukkas announces ‘Gold Fortune' on the exclusive occasion of Akshaya Tritiya.
Premium Ramadan Treats from Marks & Spencer
Marks & Spencer Launches its 2019 Ramadan Collection
Islamic Affairs and Charitable Activities Department announces the launch of the...
Selena Gomez in Ralph Lauren
Longchamp LGP a Very Modern Monogram
Jimmy Choo Presents a Limited Edition Eyewear Piece In Celebration of Ramadan
'Cityscape Abu Dhabi 2019 Charts Path for Future of UAE Capital's Property Sector
The Big Reveal: Inside the Coca-Cola Arena Dubai
Splash Island- Spring Summer'19 Fashion Runway
Dubai Investments distributes 10% cash dividend
World Famous Psychologist Dr Ahmed Emara Brings Bioenergetic Science Courses To...
Ministry of Health & Prevention inaugurates new Geltec manufacturing plant estab...
What to wear during the Holy Month
Discover your perfect scent for the Holy Month at Rasasi Perfumes
Grandweld Shipyards delivers four Crew Boats to Kuwait Oil Company
W Motors and ICONIQ Motors reveal their first Autonomous Vehicle “MUSE” to the ...
American Eagle Debuts It's Summer'19 Campaign, With a Capsule Collection for Ramadan
As part of Volunteer Emirates Dubai Cares gives a makeover to Sharjah's National...
Celebrate Ramadan With Le Méridien Al Aqah Beach Resort
Salvatore Ferragamo Timepieces – Spring/Summer 2019 Collection
Emirates announces an interline agreement with Africa World Airlines
Abu Dhabi Motors launches new BMW & MINI Leasing Programme that puts flexibility...
Trakhees receives 5 ISO certificates
Health Promotion Department: A Well-Prepared and Impressive Programme for Childr...
Representing a 5% increase YOYý Etisalat Group Reports consolidated Net Profit o...
EU Approves Liberty Bid for Arcelormittal European Steel Assets