Global finished steel demand declined sharply in CY2022 (-3.0%) and continued to weaken through CY2025 (-1.8%), reflecting a prolonged slowdown in construction and manufacturing activity across key steel-consuming regions, particularly amid weakness in China's property sector. 

After three consecutive years of contraction, global steel demand is expected to bottom out in CY2026, increasing marginally by 0.3% YoY to 1,724 mmt. While demand in China is likely to remain subdued, growth in India and other select markets is expected to provide some support to global consumption.