Opinion

Steel: 5 things to look for in 2024

Predictions for the year ahead

1 minute read

Lawrence Zhang

Principal Consultant, Steel and Raw Materials Market​

Lawrence has over 12 years of experience in operations, supply chain optimisation and research.

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Charvi Trivedi

Senior Research Analyst, Steel and Raw Materials

Charvi is responsible for analysing and tracking the steel industry performance and demand-supply forecasting.

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Rachna Mehta,

Principal Analyst, Steel and Raw Materials

Rachna has over 15 years’ experience in economic and commodity sector analysis and forecasting

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What's in this year's report?

The steel industry in 2023 fell short of achieving the anticipated demand recovery. This stemmed from the aftermath of a weak economic landscape and geopolitical tensions triggered by the Russia/Ukraine conflict.

China was worst hit due to the persistent sluggishness in the property sector, compelling steelmakers to redirect volumes towards export markets. Robust double-digit growth from India and South-East Asia offset the Chinese demand weakness, moderating the global demand fall to 0.4% year-on-year.

2024 will flip the script. In this report, drawing on insight from our Steel Research Suite, we look at how. 

This includes our view on five central questions: 

  • Can government policies drive demand recovery in China?
  • Will the untenable status quo of steel prices transform this year?
  • What are the downside risks to our EU steel demand forecast?
  • Setting the stage for “steel greenification”: how will steel decarbonisation progress?
  • Evolving trade patterns: can China's robust steel exports be sustained? How will CBAM impact the steel trade?

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