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Commodities

World steel demand forecast to grow for third year in 2018

Emerging economies seen driving gains while Chinese production stalls

A worker surveys the production process at ArcelorMittal's steel plant in Ghent, Belgium, on July 7, 2016.   © Reuters

BRUSSELS -- Global steel demand appears likely to increase in 2018 for a third straight year, with Latin America, the Middle East and other emerging economies leading the way, a report by the World Steel Association shows.

The international trade body released the outlook during its general meeting here Monday. The association expects steel demand to reach 1.64 billion tons next year, up 1.6% over the volume projected for this year. Though five of the eight regions as measured by the group registered declines in 2016, all of them should experience higher demand in 2018, the report said.

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