Thursday, May 2, 2013

Countries that Will Demand the Most Steel in the Next 10 Years

Nightscape of the high-rise section of Dubai, ...
If there’s a physical substance that builds nations, then it has to be steel. Steel is used in the construction of highways, bridges and buildings, and is used in a variety of vital products to grow, such as household appliances and cars. Here are a few of the top countries that will be demanding the most amount of steel in the next decade.

China

It should come as no surprise that China is posed for super expansive growth in the next decade. The largest population in the world continues to see rises in household income, which allows them to spend more on luxury products, which drives large amounts of industrial activity – all of which require large amounts of steel. Luckily for China, they have large quantities of iron ore internally, and are in fact the largest steel producer in the world. Without having to pay larger premiums for steel, they can use steel to build their nations at a lower rate than other countries.

Vietnam

Vietnam has been considered as a country with a huge population with not enough income to support industrial growth for far too long. The country continues to see an increasing demand in cars, and has seen a sharp reduction in cars per 100 people throughout the country. With a continuing demand in luxury items, and a high population that has more money to spend, Vietnam should see a sharp increase in growth in the next ten years.

United Arab Emirates

Dubai seems to have finally caught the world’s attention, and propelled the city as the unofficial capital of the Middle East. With an ever expanding demand for oil, and an ideal physical location for trade, the United Arab Emirates will expect to have a large amount of economic growth for their relatively modest population size. Additionally, the immigration rate for the country is the highest in the entire world, and all of which are primarily wealthy individuals or individuals with high training and skills.

For more information on steel, visit Capital Steel & Wire's website.

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