Steel demand in Turkey expected to rise by 19%
The World Steel Association (worldsteel) expects steel demand to increase by 1.8% in 2023. Releasing its Short Range Outlook report, worldsteel forecasts that demand will reach 1 billion 814.5 million tons this year, following a 3.3% contraction in 2022.
Foreks Haber Merkezi
According to forecasts, steel demand will rise by 1.9% to 1 billion 849.1 million tons in 2024.
According to worldsteel, the situation in the Chinese real estate market will stabilize in the second half of the year, and China's steel demand will record slightly positive growth thanks to government measures. worldsteel notes that China's 2024 outlook remains uncertain, depending on policy directions aimed at overcoming current economic challenges.
According to worldsteel, Turkish steel demand is expected to record a very high growth of 19% in 2023 and continue to grow in 2024. Steel demand will benefit from earthquake-related construction activities and the abandonment of the unconventional monetary policy that had pushed foreign investment out of the country.