Global long product steel consumption is expected to reach 840 million tonnes in 2014 according to Kim Marti, chairman of the international rebar producer association Irepas. Rebar consumption meanwhile is expected to grow by over 5% globally, Kallanish notes.

In his address to the 71st Irepas meeting in Berlin this week, Marti said that the Asian markets continue to drive global long steel consumption volumes and growth. Asia accounts for more than 70% of total long steel product consumption, he added.

Rebar has gained market share and accounts for 43% of total long steel product consumption, the chairman confirmed. Overall annual growth in rebar consumption in 2014 is foreseen to reach 5.3%. North America is predicted to see a rise of 7.8% and there are signs of recovery in the EU with an anticipated 5.9% increase in rebar consumption for the full year, Marti said.

China remains the driving force behind global rebar consumption accounting for 55% of all rebar used, Marti confirmed.  He indicated that the long-term fundamentals for long steel products remain solid. Emerging economies are expected to continue to drive long steel product demand, especially in Asia.