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| MEPS sees global steel consumption at 1470 million tonnes in 2014 - 08 Sep, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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UK based MEPS said that "Global consumption of finished steel in 2010 is expected to be approaching 1260 million tonnes. This represents an increase of 160 million tonnes on the year earlier figure." MEPS added "By 2014, we expect the total to reach 1477 million tonnes, up by 220 million tonnes on the outturn in 2010." It said "The recovery is now in place in many parts of the world. However, the upturn is anticipated to be quite modest in the industrialized countries. Bank lending is likely to be quite tightly controlled over the next few years. The specter of another banking crisis looms large in these countries. Moreover, there are fears of a double dip recession in the United States and EU which is affecting confidence in future growth rates. Our forecasts assume that a downturn will be avoided." According to MEPS, a large proportion of the future growth in steel demand will come from China, India, South America and the Middle East. Several other Asian states are likely to show strong upward trends. The surge in consumption which developed for much of the last decade is not expected to be repeated. We believe that the lessons of the past have been heeded. Overheated economies in Asia are being restrained and profligate bank lending is being contained. MEPS said that "Moreover, many of the stimulus packages introduced by governments around the world are being withdrawn. The exception may be in the United States where the housing crisis continues to weaken sentiment for growth in the economy." Summary of apparent consumption of finished steel:
In million tonnes f - forecast (Sourced from MEPS) | ||||||||||||||||||||||||||||||||||||||||||||||||||
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