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Analysis of Steel import market in Africa
Nowadays, economy development is the most significant topic in Africa, especially the foundation construction. With the development of the economy in Africa, the measure of consumption of steel has been increasing.
In the past 10 years, with the gradual political stability and rapid economic growth in Africa, the demand for steel in Africa has been increasing year by year. In 2013, the demand increased by 87% compared with 2003, and the GDP (PPP) of Africa also increased by 101% to reach 5.14 trillion INTERNATIONAL yuan. Compared with other major regions, Africa’s steel demand growth has been the highest in the last 10 years, showing strong momentum for growth. Africa’s apparent steel consumption rose to 33 million tons in 2015 from 26.945 million tons in 2009.
And also, due to the high speed African population growing, according to the new report of the United Nations, there are 1.2billion people in Africa, this number will reach to 2.5 billion in 2050 and reach to 4.2 billion in 2100, the demand for steel possesses a big space for growing Driven by per capita steel consumption and population growth. In the next 30 years, it is predict that the African steel demand grow at more than 5% a year. Crude steel consumption in Africa is conservatively estimated to reach 300million tones by 2050, an almost eightfold increase from current levels.
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