According to the 2012 steel economy outlook recently released by World Steel Association and World Steel Dynamics, the global steel economy will continue recovery.
The report mentioned two factors, the crisis in Europe and the firm demand growth in the emerging markets.
The report forecast the 2012 steel consumption of 1,473,600 thousand tons or 5.4% growth year-on-year, compared with 15.1% growth of 2010 and 6.5% estimated growth of 2011.
The WSA changed its forecast to 1,473,600 thousand tons in October from 1,440,600 thousand tons of April 2011.
The Chinese consumption forecast changed to 681.6 million tons by 2.5% growth from 635 million tons forecast in April 2011.
The global consumption forecast excluding China is 792 million tons.
The 2012 regional demand forecast by the WSA is 64.9% of Asia, 10.8% of EU 27 nations, 8.6% of North America, and 15.7% of the rest of the world.
The report forecast that 27.3% of the global output will be consumed in the advanced countries and the balance in the rest of the world.
jhkwak@kmj.co.kr
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