According to the association, global growth will slow in 2018, mainly due to slower growth in China. However, steel demand elsewhere is expected to maintain momentum, the association said.

"Progress in the global steel market this year to date has been encouraging. We have seen the cyclical upturn broadening and firming throughout the year, leading to better than expected performances for both developed and developing economies, although the Middle East and North Africa region and Turkey have been an exception," said Tata Steel’s T.V. Narendran, chairman of the association’s economics committee.

"The risks to the global economy that we referred to in our April 2017 outlook, such as rising populism and protectionism, U.S. policy shifts, E.U. election uncertainties and China deceleration, although remaining, have to some extent abated. This leads us to conclude that we now see the best balance of risks since the 2008 economic crisis," he said. 

"However, escalating geopolitical tension in the Korean peninsula, China’s debt problem and rising protectionism in many locations continue to remain risk factors."

You can find the full forecast here.