Email Us

The World Steel Association Raised Its Demand Forecast For Asia

The World Steel Association Raised Its Demand Forecast For Asia


The World Steel Association revised higher its forecasts for demand in East and Southeast Asia excluding China inits Short Range Outlook last week. The demand recovery in developing Asia is continuing despite the continued presence of Covid-19.


In Japan, worldsteel notes that demand is continuing to recover led by manufacturing. Despite the chipshortages, automotive output is up from 2020 lows and civil engineering spending is also driving demand growth. Private construction investment however continues to lag. Apparent steel demand in 2021 is now expected to hit 58million tonnes, up from 52.6mt in 2020 and from a previous forecast of 56mt. In2022, Japan is expected to consume 59.2mt of steel, up from the previous forecast of 58.8mt.


In South Korea meanwhile demand is recovering to 2019 levels faster than expected. 2021 apparent consumption is expected to reach 53.4mt this year, compared to a previous forecast of 51.5mt. 2020 demand had fallen to 49mt. This has been driven by recovering exports and investment in manufacturing, worldsteel says, while construction is being supported by civil engineering and residential construction projects. A jump innew ship building orders will also provide a sustained boost to future demand.In 2022 worldsteel expects Korea apparent steel demand to reach 54.2mt, up froma previous forecast of 52.8mt.


ASEAN steel demand is meanwhile alsobeing revised higher despite the continued burden of Covid lockdowns in many countries. 2021 is now expected to see ASEAN steel demand recover to 74.8mt,from 70.1mt in 2020 and from an earlier forecast of 73mt. Demand could then improve further to 78.8mt in 2022, up from a previous forecast of 77.7mt.


Anti-Covid measures are having an impact however. Apparent steel demand in Vietnam in 2021 is now expected toreach 23.9mt, up from 23.3mt in 2020 but down from a previous forecast of24.5mt. In 2022 Vietnamese demand will recover further to 25.1mt, but this isstill lower than the previous forecast of 26.3mt.


Short Comments: The larger demand of steel as well as the electronic restriction in China, the steel price will continuously increase, causing our cost to produce drum closures.

Popular Drum Barrel Fittings

Related Drum Accessories and Fittings News & Blog

  • What Is a Tite Seal Drum Cap and How Does It WorkWhat Is a Tite Seal Drum Cap and How Does It WorkJanuary 18, 2024In industries that deal with drums and containers, safety and efficiency are paramount. Tite Seal Drum Caps have emerged as an essential component for secure sealing, preventing spills, leaks, and con...view
  • Iran: China is TrustworthyIran: China is TrustworthyApril 10, 2023In 2015, the lifting of sanctions on Iran became a hot topic worldwide. Companies from all over the world have set their sights on the Iranian market and have begun actively entering it. Iran, a major...view
  • Drum Liners for Steel DrumsDrum Liners for Steel DrumsApril 27, 2023Drum liners are an essential component for many industrial applications that require the transportation or storage of liquid or powdered materials. When it comes to steel drums, drum liners are partic...view
  • Classification and Process Flow of Steel DrumsClassification and Process Flow of Steel DrumsJune 30, 2023The steel drum is one of the traditional containers and occupies a very important position in the traditional containers. The function of steel drums has evolved from temporary storage of contents to ...view
  • Understanding These Ten Points Can Help You Solve 95% Of Quality Problems!Understanding These Ten Points Can Help You Solve 95% Of Quality Problems!July 1, 202201. Do things right at the first time, and solve problems as soon as possible. Don't wait until the workers have done it or wait until the final inspection to find out. It's too late.02. Don&#...view
  • The Meaning Of Bolt Performance GradeThe Meaning Of Bolt Performance GradeJuly 4, 2022The number on the bolt refers to the strength level. For example, the number 4.8 means that the strength level of the bolt is 4.8, and its shear stress is 4.8 GPa. According to regulations, bolts with...view
Tel
86-18768445568
Address
No.58 Qinjian Road, Hengshan Industrial Park, Shouchang Town, Jiande City, Zhejiang Province, China