Steel demand in Russia may grow by 2.4% in 2021, by 3% in 2022

TASS Russian News Agency | Oct 14, 2021 at 5:01 PM

MOSCOW, October 14. /TASS/. Steel demand in Russia in 2021 may increase by 2.4% to 43.4 mln tonnes, and by 3% to 44.7 mln tonnes in 2022, according to a short-term forecast from the World Steel Association (Worldsteel).

According to the report, after a slight decline in 2020, the recovery in steel demand in Russia was supported by a strong rebound in the automotive sector. At the same time the construction sector, the largest consumer of steel in Russia, was supported by the state program of preferential mortgages.

In 2020, the demand for steel in Russia decreased by 2.6% to 42.4 mln tonnes, the association noted.

Global steel demand, according to the forecast, may grow by 4.5% to 1.855 bln tonnes in 2021 and by 2.2% to 1.896 bln tonnes in 2022.

The World Steel Association is one of the largest industrial associations in the world. The companies - members of the association produce approximately 85% of the world's steel output.