OECD: Global steel demand recovery to remain weak as excess capacity crisis deepens

The Organization for Economic Co-operation and Development (OECD) has stated in its “Steel Outlook 2026” report that global steel demand is expected to recover only slightly in 2026 following four consecutive years of contraction, as the continued slowdown in China’s property sector offsets stronger growth in India, Southeast Asia, Africa and some Middle Eastern markets, while the widening gap between steelmaking capacity and demand continues to deepen the structural crisis facing the global steel industry. According to the OECD, global steel demand declined by an estimated 2.6 percent in 2025 to 1.80 billion mt and is forecast to rise by…