Global bulk steel alloys short-term outlook October 2023

In the past month, global bulk steel alloy markets have continued to face headwinds from weak global macroeconomic conditions. Even after the end of the seasonal summer lull, weak market fundamentals negated any meaningful recovery in prices. In China, key end-use markets like real estate and manufacturing have continued to underperform as the country’s macroeconomic climate remains shrouded with uncertainty. Against this backdrop, prices across most bulk steel alloys have remained depressed, with only limited upside in some markets due to cost support. Looking ahead, China’s ongoing recovery and gradual brightening of the macroeconomic climate in Europe will provide impetus for some underperforming bulk steel alloy markets to improve in the early months of 2024.