World Steel Short Range Outlook - October 2025

2025-11-01

The World Steel Association (worldsteel) has today released its latest Short Range Outlook (SRO) for global steel demand in 2025 and 2026. Global steel demand in 2025 is projected to be flat compared to 2024, reaching about 1,749 million tonnes (Mt). A modest rebound of 1.3% is forecast for 2026, pushing global demand to 1,773 Mt.

Commenting on the outlook, Alfonso Hidalgo de Calcerrarda, Chief Economist, Spanish Steel Producers Association (UNESID) and Chair of the worldsteel Economics Committee, said, “despite a considerable escalation of the global trade war and inherent uncertainties, we are cautiously optimistic that global steel demand will bottom out in 2025 and demonstrate moderate growth in 2026. This positive outlook is underpinned by the demonstrated resilience of the global economy, continued strength in public infrastructure investments in most major economies of the world, and the expected ease in financing conditions.

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