According to the revised forecast, demand will contract by 2.4%, dropping to 1,725.1 million metric tons. In June, the association predicated a 6.4% decline in global demand.

“The post-lockdown recovery in steel demand in the rest of the world has been stronger than was earlier expected, but it still marks a deep contraction in 2020, both from developed and emerging economies, with only a partial recovery expected in 2021,” the association said. 

Although its new forecast is more optimistic, it does come with one major caveat: the forecast assumes that the current resurgence in infections will not lead to a repeat of the nationwide lockdowns that characterized the spring. 

You can find the full forecast here and additional commentary here.