Global Steel Market: Demand Expected to Recover by 2025

The global and domestic steel market from now until 2025 highlights bright spots such as growth in India, ASEAN, and Vietnam, while China continues to face negative impacts from the real estate crisis.

According to the World Steel Association (WSA), global steel demand is expected to face challenges in 2024, declining by 0.9%, mainly due to China's real estate crisis and negative growth in major countries like the US, Japan, and South Korea. However, India and ASEAN emerge as bright spots with demand growth of 8% and around 5% annually, driven by infrastructure investments.

In 2025, the steel market shows signs of recovery in Japan, South Korea, the US, the EU, and ASEAN, supported by lower interest rates and measures to boost construction and manufacturing. India leads growth with 8%, and the EU is expected to increase by 4.1% due to recovery in the construction and automotive industries. In ASEAN, Malaysia and Indonesia stand out with growth rates of 4.5%-5%.

In Vietnam, steel production is expected to see significant breakthroughs thanks to rising housing supply and public investment in major projects like the North-South Expressway and Long Thanh International Airport. Production is projected to reach 21.8 million tons by 2025, a 10% increase year-over-year.

 

Source: "What to Expect from the Steel Industry in 2025?" – Trade Magazine, the publication of the Vietnam Retailers Association.