Last Updated : 06 February 2013 at 22:00 IST
World Crude Steel production may rise 4.7% to 1620 mn tons in 2013
Source :Commodity Online/MEPS
Considering the uncertainties in teh global economy, MEPS International envisages only a moderate recovery is envisaged for GDP and steel consumption in 2013. More robust growth is projected to commence in 2014.
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LONDON (Commodity Online): World crude steel production is expected to rise 4.7% to 1620 mn tons, according to MEPS International. Global crude steel output in 2012 was 1,548 mn tons which represented a growth of 1.2% over previous year, according to World Steel Association data. The growth came mainly from Asia and North America while crude steel production in the EU (27) and South America decreased in 2012 compared to 2011.
Blast furnace ironmaking is expected to expand at a rate similar to that of steel in 2013 and reach 1160 million tonnes. Direct reduced iron manufacturing should show better growth as the popularity of this process is increasing in the Middle East and India.
Prospects for the global economy remain uncertain. The eurozone is likely to remain in or close to recession in the medium term. The negative effects of the US “fiscal cliff” have still not permanently been resolved. Furthermore, a marked slowdown has been witnessed in many of the emerging nations. Consequently, only a moderate recovery is envisaged for GDP and steel consumption in 2013. More robust growth is projected to commence in 2014.
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