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OECD Forecasts Sluggish Steel Demand Growth
05/29/2025 - Global steel demand is projected to rise 0.7% annually over the next five years, driven by consumption in the ASEAN countries and the Middle East and North Africa regions, according to a new projection from the Organisation for Economic Co-operation and Development.
“Demand in the OECD area will remain roughly constant, while Chinese demand will decline appreciably due to the downturn in construction and structural shifts in China’s economy. Prospects are brighter in the Association of Southeast Asian Nations (ASEAN) and Middle East and North Africa (MENA) areas, where demand will grow strongly,” the OECD said its newly published Steel Outlook 2025.
However, the OECD warned that with 165 million metric tons of new capacity planned for over the next two years, overproduction could weigh on the industry.
“With demand growth expected to be sluggish at best, capacity utilization could once again decline towards 70%, putting enormous pressure on even highly competitive steelmakers,” the OECD said.
However, the OECD warned that with 165 million metric tons of new capacity planned for over the next two years, overproduction could weigh on the industry.
“With demand growth expected to be sluggish at best, capacity utilization could once again decline towards 70%, putting enormous pressure on even highly competitive steelmakers,” the OECD said.
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