2023 world steel demand - estimated steel consumption.

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World Steel Demand 2023

steel consumption analysis

Global Steel Consumption Assessments

Consumption by Region, 2023

Region Demand, mt
EU 151
Other Europe 42
CIS 51
Central & South America 46
Middle East & Africa 93
Asia & Oceania 1304
World 1822

Determinations above are finished steel product demand estimates for 2023 in millions of metric tonnes. Source: worldsteel and MCI calculations.

Use by Product Shape, 2023

Steel shape Demand, mt
Flat products 729
Long products 893
Tube products 200
Global sum 1822

Calculations are indicative finished steel demand assessments for 2023. Tube data includes welded and seamless tube. For chart, see below. Source: MCI deliberations.

steel use by product shape
Global steel consumption by product shape

Demand estimates by shape indicate estimated global steel use analysed by flat products [including plate, hot rolled coil and sheet, cold rolled and coated sheet such as HDG and tin plate], long products [including rail, heavy and mediumsections, merchant bar, rebar and wire rod] and tube [welded pipe and seamless tube]. Figures are demand analyses prepared by Metals Consulting International for year 2023.

Use by Application, 2023

Millions tonnes Total
Construction incl structural & building work 891
Mechanical engineering 295
Automotive 137
Other transport incl shipbuilding & rail 64
Domestic appliances 62
Metal products 208
Oil & gas exploration & transport 115
Defence 16
Other industries / miscellaneous 34
Total 1822

Further analytical information including more detail by product type is available for purchase. Please contact MCI. All 2023 product demand figures have been compiled by MCI.

Steel Demand by Consuming End-Use Industry, 2023

steel demand - analysis of consumption by end use market
Global steel consumption by end-use market

Demand estimates by sector are indicative of global 2023 steel demand. Construction includes structural and building work. Mechanical engineering includes machinery & equipment and components; as well as heating, ventilating and air conditioning (HVAC) markets. Automotive sector includes passenger vehicles and light commercial vehicles. Other transport includes shipbuilding (covering container ships, dry cargo ships, LPG carriers, tankers, passenger ferries) as well as rail, buses and heavy vehicles. Metal products include furniture, fasteners, wire products, containers, drums and boxes. Defence estimates are based on MCI assumptions concerning steel use for submarines, frigates, destroyers, tanks, and other military market uses. Tubes include welded and seamless. Figures are MCI estimates of steel end-use by application for year 2023 total steel consumption.

For a more comprehensive analysis of steel demand applications, see 2022 research article on global iron and steel mass flow published by L.D. Danny Harvey.

Requirement by Quality, 2023

Steel quality Demand, mt
Carbon steel 1718
Engineering steel 52
Stainless steel 50
Tool steel ~2
World 1822

Data above are from MCI analysis of steel use by grade for 2023. Engineering steels are often also referred to as SBQ steels (special bar quality steel); these are steels that typically move or rotate whilst in use. Global melt shop production of stainless steel in 2023 is estimated at ~57 mt.

Historic Steel Demand & Demand Forecast

Year Demand, mt
2010 1311
2011 1415
2012 1443
2013 1535
2014 1552
2015 1506
2016 1521
2017 1635
2018 1712
2019 1777
2020 1790
2021 1842
2022 1782
2023 1822
2024 1854
2025 1882
2026 1910

Annual figures to 2023 inclusive are consistent with various World Steel Association [worldsteel] assessments. 2024-2026 figures are conservative MCI forecasts. All figures are millions of metric tonnes of finished steel.

This page was last updated on 9th July 2023.

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