Steel alloys: 5 things to look for in 2024

The overarching theme for steel alloy markets in 2023 was that of weak confidence in downstream end-use sectors.

In western markets, this came against the backdrop of an anaemic macroeconomic climate characterised by high interest rates and inflationary pressures. In China, hopes of a decisive recovery following the removal of 'zero-covid' measures early in the year were dashed by weak export demand and sluggish domestic growth in alloy-intensive sectors like construction and manufacturing. Instead, lacklustre economic growth was skewed towards services.

But what changes will 2024 bring? In this report, we set out our view of the five major themes that will shape the steel alloy market in the year ahead. This includes: 

• Logistics will continue to shape supply availability for bulk steel alloy markets
• Future-facing applications: efforts to build up a bigger high-purity manganese sulphate supply base outside China
• Non-steel applications to grow in importance for noble alloys in 2024
• And more. 

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