Middle East and North Africa steel consumption will reach 58.5 million tons next year

　　The Arab Iron and Steel Union (AISU) said in a report that the Middle East and North Africa (MENA) excluding Iran ’s steel consumption in 2019 will fall by 7% to 40 million tons, and consumption in 2020 will rebound and increase by 2.5 % To 41 million tons.

　　In addition, according to data released by the U.S. Department of Commerce, Iran ’s steel production in 2018 was 25 million tons, an increase of 18% year-on-year; apparent consumption was 17.5 million tons, exports were 9.2 million tons, and exports accounted for 37% of production . According to this calculation, if Iran ’s apparent consumption this year and next year remains at the level of 2018, the Middle East and North Africa region ’s steel consumption next year is expected to reach 58.5 million tons.

　　AISU said that despite ongoing economic reforms, including reducing government energy subsidies, advancing value-added tax reform, and getting rid of dependence on oil, the Middle East in 2019 due to lower oil prices, continued military operations in Syria and Yemen, and delays in reconstruction projects in Iraq and Syria And North Africa's economic growth will slow.

　　According to data released by the World Bank, world crude oil prices fell 8% month-on-month in the third quarter and fell 18% year-on-year. In November, Dubai crude oil price was $ 61.41 / barrel. The World Bank forecasts in its October commodity market outlook that the average world crude oil price in 2020 will be $ 58 / barrel, a slight decline from the $ 60 / barrel in 2019, and the average price in 2018 will be $ 68 / barrel. The World Bank ’s forecast for October was reduced by $ 7 / barrel from the previous forecast, mainly because the outlook for global economic growth is not optimistic.

　　According to data released by the World Bank, world crude oil prices fell 8% month-on-month in the third quarter and fell 18% year-on-year. In November, Dubai crude oil price was $ 61.41 / barrel. The World Bank forecasts in its October commodity market outlook that the average world crude oil price in 2020 will be $ 58 / barrel, a slight decline from the $ 60 / barrel in 2019, and the average price in 2018 will be $ 68 / barrel. The World Bank ’s forecast for October was reduced by $ 7 / barrel from the previous forecast, mainly because the outlook for global economic growth is not optimistic.

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