Demand for steel this year, according to the world's second largest steel producer ArcelorMittal, will increase by 3 - 4% excluding China, Profinance.ru reports. The company expects to maintain buying interest in the medium and long term.

As noted in ArcelorMittal, it seems that the incentive of buyers to buy steel has reached a minimum, and when the real demand begins to grow, we should expect a rally. It will be aided by the fact that inventories in various countries, especially in Europe, are at low levels. The company remains optimistic despite the fact that its sales in the first quarter were 0.7% below the same period in 2023 due to a drop in production in Europe, where its largest production facility is located.

The World Steel Association's estimate is more modest, predicting demand growth of 1.7% this year, given that demand in the PRC is steadily declining.