ANALYZING THE INTERNATIONAL STEEL MARKET AND GLOBAL INDUSTRIAL DEMAND

Abstract

This study examines the relationship between global macroeconomic factors and international steel demand over the period 1995–2024. In the context of increasing globalization and structural transformation, understanding the drivers of steel demand is critical for both industrial planning and policy design.Using a time-series econometric approach based on data from international sources, the study analyzes how industrial production, economic growth, investment, and urbanization are associated with steel consumption. The findings indicate that steel demand is primarily linked to industrial activity and long-term structural changes, with industrial production and urbanization emerging as the most influential factors. Economic growth and investment also play important supporting roles.The results highlight that emerging regions such as Central Asia, particularly Uzbekistan, are likely to experience continued growth in steel demand driven by infrastructure expansion and urbanization. However, limited domestic production capacity and reliance on imports increase vulnerability to external shocks.The study underscores the importance of strengthening domestic production, improving efficiency, and advancing toward sustainable and low-carbon steel technologies. Overall, the findings provide policy-relevant insights for managing steel demand in the context of economic development, globalization, and environmental transition.