An executive from the World Steel Organization (WSA) said global steel demand is expected to grow by 1.7% in 2024 after forecasting 2.3% growth this year based on manufacturing activity recovery.
In the long term, the Association of Southeast Asian Nations (ASEAN) is expected to see steel demand double by 2035 from the current 80 million tonnes, Frank Zhong, deputy director-general of the organization, told in an industry conference.
In the short term, Zhong said, the steel industry will focus on improving the energy efficiency of existing facilities and maximizing the scrap steel use to reduce carbon footprint.
“Scrap will play a crucial role, and iron ore will be the main player,” he added.
Zhong said the availability of steel scrap in the world is expected to rise to 1.1 billion and 1.2 billion tonnes in three decades from 700 million tonnes.
