The World Steel Association forecasted that the steel demand of developed countries declined by 1.7% in 2022 and will increase by 0.2% in 2023.

The Russia-Ukraine conflict accelerated the deterioration of inflation and the supply chain. Steel demand in the EU will fall by 3.5% this year and 1.3% next year. Particularly Germany's demand will drop by 4.9% in 2022, while Italy will drop by 3.6%. The US steel demand was expected to rise by 2.2%, lower than the 2.8% expected in April.

On the contrary, developing countries’ steel demand will grow by 3.5% in 2023. Steel demand has stayed robust in India and Southeast Asia from 2022 to 2023. Steel needs in India and Southeast Asia will climb by 6.1% and 5.8% this year and will increase by 6.7% and 6% next year, respectively.