Steel: 5 things to look for in 2024

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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