It's reported that global steel demand growth is expected to slow in 2018. As China's economy matures and shifting its focus from manufacturing to service, China's steel consumption is expected to stagnate.

According to the World Steel Association, the aggregate demand of commodities will grow by 1.6% to 1.65 billion tons in the next year, compared with a potential growth rate of 2.8% in 2017.Despite the slowdown, the figures above suggest that the situation is improving compared to the previous estimates by the industry.

2017 global nominal steel demand growth rate forecast is 7%, the main reason is that China shut down most of the outdated induction furnace this year which caused a statistical anomaly.