Worldwide steel demand
In 2019, the apparent consumption of crude steel in China amounted to approximately 940 million metric tons. Asia's largest economy is expected to enter a phase of stagnation between 2020 and 2021, as the market for steel scrap and steel recycling could spell trouble for the steel production sector.
Steel is an important material used in shipbuilding and car manufacturing, as well as building construction and infrastructure development. However, from 2009 through 2013, the steel industry experienced a challenging period including the upheaval in the U.S. financial markets, slowing economic growth in China, as well as the eurozone sovereign debt crisis. In 2022, worldwide apparent steel use is estimated to grow to just under 1.9 billion metric tons.