Global steel production may increase by 3.6% this year

According to a survey released by the Financial Times on the 13th, global steel production will increase by 3.6% in 2014. Among them, European steel production has experienced a 2.4% increase this year after a six-year decline last year. China's steel production is expected to increase by 4% year-on-year, lower than the 6% growth rate in 2013. The results of the above survey are based on the predictions of 15 top steel analysts around the world, which are basically consistent with the forecast trends of the World Steel Association (WSA).

World Steel Association estimates that world steel production will increase by 3.5% year-on-year this year, exceeding the growth rate of 3.1% last year; China's steel production in the world's steel producing countries will increase by 3% year-on-year, lagging behind the global average growth rate. John Lichtenstein, head of global metals operations at consulting firm Accenture, said that China is shifting from an investment-led growth model to a service- and consumption-driven economic growth model, which is likely to continue for some time. Brian Levich, editor-in-chief of the British Metal Guide Research, predicts that new steel production capacity will come mainly from India, the Gulf region and Latin America in the next few years.

Matthew De Morgan, CEO of Duferco, the world's largest steel trading company, said: "In terms of production, the steel industry has shown signs of bottoming out. 2014 will be a boom year. However, in terms of the profitability of steel companies and steel prices, the prospects are not bright, and the days of rapid growth before the financial crisis are still far apart."

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