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Monday March 26, 4:26 PMGlobal steel demand set to rise 5.9 pct in 2007-IISIFRANKFURT, March 26 (Reuters) - The International Iron and Steel Institute (IISI) revised its forecast for global steel demand in 2007 up to 5.9 percent on Monday, citing particularly strong demand from Africa, Asia and South America.The steelmakers' association had forecast in October that deliveries to the market by manufacturers and importers would rise 5.2 percent this year. Growth at the foreast 5.9 percent would bring total steel demand to 1.179 billion tonnes, up 65 million from 2006. IISI Secretary General Ian Christmas had told Reuters last month that the group had probably been too cautious with its initial demand estimate given continued strong economic growth in China. Global crude steel output, which closely tracks demand, rose 8.8 percent last year to nearly 1.24 billion tonnes, paced by a 17.7 percent gain in China, the world's leading steel producer and a net exporter. Demand would continue to grow in 2008, the research group said, rising by 6.1 percent to 1.25 billion tonnes. (Additional reporting by Daniel Magnowski in London) |
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