According to the World Steel Association, the world's top ten consuming countries of steel products are China, India, the US, Japan, South Korea, Russia, Turkey, Germany, Italy, and Mexico. However, Brazil is not included this time. China ranks first with annual consumption of 921 million tons, and Mexico ranks tenth with 24.8 million tons.

Brazil Steel Institute (Instituto Aço Brasil, IABr) forecasted that Brazil’s steel consumption this year will be 23.2 million tons, dropping by 1% from 2022.

The global steel consumption market was expected to grow by 2.3% to 1.82 billion tons in 2023 due to the rapid recovery after the epidemic, with an overall optimistic outlook.