Global steel markets short-term outlook February 2024 Report

Commodity Market Report 29 February 2024

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Report summary

In January 2024, global crude steel production in January 2024 decreased by 2% year-on-year, dragged down by a 7% decline in Chinese crude steel production. On the other hand, world ex-China production rose by 5% year-on-year during the same period. Despite the government stimulus, steel demand in China failed to surge owing to slow construction activities during the cold season. India continued to maintain its growth trajectory while Japan and South Korea struggled with macroeconomic pressures. This trend is anticipated to persist in the coming months. However, from Q2 2024 onward, we anticipate a resurgence in demand across western regions, driven by seasonal upticks and an improving economic landscape. Indian steel demand is forecast to remain strong throughout 2024, albeit at a slower pace compared to the previous year due to a high base effect from 2023.

Global steel market outlook
- Weakness in Chinese markets drags on; recovery to pick pace from Q2
- In February , steel prices r emained rangebound in most regions except US; demand pickup to push prices upwards in coming months (except India)
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