The steel demand in developing economies is likely to see quick rebound in 2021 and 2022, said the Short Range Outlook (SRO) April 2021 report published by the World Steel Association (worldsteel).

The SRO predicts steel demand growth of 10.2% and 5.2% in 2021 and 2022 respectively. The rebound is mainly on account of global economic recovery and increased government spending on infrastructure projects, following months of shutdown due to Covid-19 pandemic. It must be noted that the steel demand in developing economies excluding China had registered decline by 7.8% during the previous year.