News Release
Steel demand from China to decline annually by an average of 5-7 Mt over next decade
China, the world's largest steel consumer, accounting for 49% of global demand, is expected to see consumption fall by an average of five to seven million tonnes (Mt) annually over the next decade, according to Wood Mackenzie. This dramatic shift creates significant overcapacity challenges whilst opening opportunities for India and Southeast Asia to emerge as growth powerhouses.
“China's share in global steel demand is projected to drop sharply from 49% in 2024 to 31% by 2050. Meanwhile, India and Southeast Asia are emerging as growth powerhouses, with India alone projected to triple its demand, raising its market share from 8% to 21% by 2050,” said Charvi Trivedi, senior research analyst, steel and raw materials at Wood Mackenzie.
