World Steel Association lowers 2024 global demand forecast
For tire recyclers, steel price trends are critical as recovered steel from recycled tires can fluctuate in value with the steel market, affecting overall revenue and planning in tire recycling operations. The World Steel Association has revised its 2024 forecast, projecting a 0.9 percent drop in global steel demand to 1.75 billion tons. The Association’s Short Range Outlook for 2024-2025 anticipates this decline will be followed by a moderate recovery in 2025, with demand rising by 1.2 percent to reach 1.77 billion tons, primarily outside of China.