India remains fastest-growing major steel market as demand rises 7.9% in 2026

India remains the world's fastest-growing major steel market, with demand projected to increase by 7.9% in 2026 to reach 172.4 million tonnes, according to the World Steel Association (worldsteel). The demand is expected to grow further by 8% in 2027, reaching 186.2 million tonnes. Global steel demand is forecasted to remain essentially unchanged at 1,722 million tonnes in 2026 before experiencing a return to 1.7% growth in 2027, reaching 1,752 million tonnes.

However, steel demand in China, the world's largest steel-producing nation, is likely to decline by 2% in 2026, narrowing to 1% contraction in 2027, as reported by worldsteel. Broad-based growth is fueling India's steel demand, led by infrastructure-led construction, robust private real estate demand, healthy manufacturing growth, a significant pipeline of renewable energy projects, and continued expansion of manufacturing capacity.

The demand in the Gulf region is expected to recover strongly once the uncertainty clears, the Strait of Hormuz reopens, and supply chains normalize. Steel demand in the US is projected to grow by 2% in 2026, driven by strong investments in data centers and energy infrastructure, including power generation, renewables, and oil and gas.

In Europe, a downward revision of 1.5 percentage points in projected EU apparent steel use growth has been made, with the construction recovery proving slower and more fragmented than expected.