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Worldsteel: Global market expected to recover in second half 2023

2 Dec 2022 16:09 reported by Mike Lo

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There were more than 600 attendees to join the 17th New Horizons in Steel Market conference in Istanbul on November 30.

According to the World Steel Association (worldsteel) statement, the global market will recover in the second half of 2023. In addition, the recovery of the auto sector and the supply chain in China could positively impact the steel sector. The world is entering a new era of transformation. The industries that use steel and the structure of steel demand will change.

What the steel industry can do in its global transformation is to use scrap to supply expected growth. Converting at least one-third of blast furnaces to direct reduced iron (DRI) steel plants and using green hydrogen and biofuels in production would be future trends. As a result, the entire value chain should shift to greener production.

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