[SMM Chromium Flash] Global Steel Demand Forecast Turns Flat in 2026 as China Weakens, Recovery Expected in 2027

The World Steel Association (worldsteel) revised its global steel demand outlook on 12 October, forecasting demand to remain broadly unchanged at 1.722 billion tonnes in 2026, before increasing by 1.7% to 1.752 billion tonnes in 2027. The downgrade largely reflects weaker-than-expected demand in China, where steel demand is projected to contract by 2.0% in 2026 and a further 1.0% in 2027. Outside China, demand is expected to grow by 1.5% in 2026 and accelerate to 4.0% in 2027.

For the chromium market, the subdued global steel outlook suggests that a broad-based recovery in steel-related demand may take longer to materialize, although prospects vary by region. India’s steel demand is forecast to grow by 7.9% in 2026, while demand in the United States is projected to increase by 2.0%. These divergent regional trends provide important context for chrome ore and ferrochrome producers assessing end-market conditions. However, the forecast covers total steel demand rather than stainless steel specifically, so it does not directly quantify future chromium consumption.