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Steel

Author

Listed:
  • Ecaterina Patilea

Abstract

The article presents the global steel market evolution in 2012 and its prospects for 2013. The paper analyses production, consumption, trade and prices of steel at global level and in major regions and countries worldwide. After two successive years of decline (namely, 2008 and 2009) –caused by the economic downturn that started in late 2008, which led to the sharp decline in demand for steel products – the steel market rebounded in 2010. Thus, the world steel production increased by 13.4% in 2010, by 6.8% in 2011 and merely by 1.2% in 2012. All industrial consuming steel sectors registered a reduced consumption in 2012, particularly in the EU, but also worldwide. Rolled steel prices decreases were recorded in 2012. China, the biggest producer and consumer of steel remained the main actor of the global steel market in 2012, reaching a 3.1% increase in the steel production. In the same year, China encountered overcapacity in the steel production and declining prices of finished products, thus being forced to restructure the sector.

Suggested Citation

  • Ecaterina Patilea, 2013. "Steel," Conjunctura economiei mondiale / World Economic Studies, Institute for World Economy, Romanian Academy.
    • Handle: RePEc:iem:conjun:y:2013:id:2822000009562103
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    More about this item

    Keywords

    steel; world market; production; consumption; trade; prices;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General

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