Global steel demand is set to decline for the third consecutive year in 2024, as weak manufacturing and economic growth persist, the World Steel Association (WorldSteel) announced. The group revised its earlier forecast of a 1.7% increase in demand to a 0.9% drop, with total demand expected to reach 1.75 billion tons.

According to Martin Theuringer, chair of WorldSteel's economics committee, 2024 has been challenging due to persistent headwinds in global manufacturing. China's steel demand is projected to fall by 3% this year, with further declines in 2025 due to its troubled property sector. In contrast, India is set to drive growth, with demand rising by 8% in 2024. WorldSteel expects a modest recovery in 2025, with global demand forecasted to rebound by 1.2% to 1.77 billion tons.