Global steel markets short-term outlook August 2024

During Jan-Jul 2024, global crude steel demand fell by 1% year-on-year. Despite solid growth in India, Southeast Asia and the EU, China single-handedly dragged down the growth by posting a 2.2% year-on-year decline. The ongoing collapse in China’s property sector continued to stifle demand and caused prices to collapse to multi-year lows. Meanwhile, Europe and the US are struggling with sluggish demand, while India shines as a bright spot, boasting a robust 10% year-on-year growth in YTD 2024. Despite the prolonged price decline, recent price movement signs suggest the market may be on the verge of a rebound. Chinese steelmakers are now at a critical juncture, operating at unsustainable margins, indicating that current price levels won’t last long. Lacklustre H1 and disappointing July performance temper expectations, leading to downward revisions in our 2024 forecasts for most key regions. Please read our report to get the full picture of the future of steel prices and market dynamics.