China could see an expansion or contraction of 1% in steel demand, with the country’s beleaguered property industry acting as a headwind, ArcelorMittal said Thursday in a statement.
“With continued weakness expected in real estate during the year, steel consumption is expected to stabilize in 2023 with potential upside dependent on government infrastructure stimulus,” the company said.
Apparent consumption of steel outside of China — a key barometer of the world economy — is projected to increase 2% to 3% in 2023, after contracting in key regions last year, ArcelorMittal said. That will largely be driven by the rebuilding of inventories, while growth in real demand from consumers will face headwinds.
“As we look ahead, evidence suggests that the customer destock we saw in the second half of 2022 has peaked, hence providing support to apparent steel consumption and steel spreads,” ArcelorMittal chief executive officer…
