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A new study by the World Steel Association (worldsteel) reveals a sharp rise in indirect global steel trade over the past decade, driven largely by demand in automotive, appliances, and machinery sectors. Between 2013 and 2023, indirect steel trade steel embedded in finished goods—increased by 23%, nearly equaling the volume of direct steel exports last year.
This shift reflects evolving global trade dynamics where countries increasingly trade value-added products containing steel, rather than raw or semi-finished steel. In 2023 alone, indirect steel trade volumes reached 253 million metric tons, compared to 264 million metric tons of direct steel exports.
Automobiles, heavy machinery, and consumer appliances were the top contributors to this surge. Regions with strong manufacturing bases, such as East Asia and the European Union, played a significant role in exporting steel-intensive goods.
The trend signals a structural shift in the global steel supply chain, emphasizing the importance of downstream manufacturing industries in driving steel demand and cross-border trade.
Worldsteel’s findings underline the growing relevance of tracking embedded steel flows to fully understand market demand and global trade patterns.”
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