The world tendency for the Steel industry in 2023 is influenced by economic and political factors. This year we expect an economic recovery worldwide on a global scale, which meant that there might be a growth on steel demand. But also, it is important to mention that the economy is uncertain in some regions and countries which might impact demand in a negative way.
Another factor to consider is the international commerce, due to the application of duties and the establishment of some commercial barriers in some countries. In general, it is expected that steel demand will grow worldwide, even if price fluctuation and international competition will keep being key factors that affect the world tendency in 2023.
It is hard to precisely predict about steel price on 2023, as it is influenced by political and economic factors such as demand and offer, commercial politics, economic uncertainty and prime material price fluctuation.
Mexico’s steel industry keeps being of huge importance and keeps developing. There are big iron and steel companies operating on the country in 2023 along with a big number of medium and small businesses. Mexico’s steel demand has risen in the last year due to the constant construction of infrastructure, along with automotive and mechanical materials growing as well.
But is it important to mention that the Steel industry faces problems as well, such as foreign competition and fluctuation of steel prices worldwide, so 2023 could be a hard year due to the global political issues that might impact Mexico in an importante manner. According to a study made in late 2022 by the World Steel Association about the Gross Apparent Consumption, steel consumption in Mexico will grow this year around 3%.
Mexican leaders for the Steel industry mentioned that in late 2022 the iron and Steel mexican industry might compensate the deficit between steel imports and exports with the national production, but that we should not lose sight that will impact international prices due to global conflict.