China steel demand still growing, but at slower pace

The deceleration of China's steel demand will prevent the global steel demand from registering a higher growth rate for the coming two years, according to the outlook report.

Basson said the world was going to see in the future more moderate growth of the Chinese economy, not only in the steel use, but generally in all the commodities.

"We've all become used to China being the driver of the world economy, particularly in resources, over the past decade or so," the director general said, adding "there's no candidate waiting in the wings to take over this lead role."

Although steel use in Middle East and North Africa grew quite strongly and was useful to the global economy, it's still not strong enough to replace the Chinese effect.

Edwin said as the developing economies were stepping back, the steel demand in 2014 and 2015 was going to depend more on the developed economies to ensure growth in steels.

"Not only can modern economy not survive without steel, the perform of the steel industry actually becomes a very good indicator of the performance of the developed and undeveloped economic systems," he added.

Worldsteel, one of the largest industry associations in the world, represents approximately 170 steel producers (including 17 of the world's 20 largest steel companies), national and regional steel industry associations, and steel research institutes. Its members represent around 85 percent of world steel production.

Demand for iron ore and steel to rise in 2014	Hebei faces huge cuts in steel capacity to reduce pollution