Commodity Market Report

Global steel markets short-term outlook February 2024

Get this report


You can pay by card or invoice

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

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.

Table of contents

    • 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)
  • Country snapshot

Tables and charts

No table or charts specified

What's included

This report contains:

  • Document

    Global Steel Markets Short Term Outlook Feb 2024.pdf

    PDF 1.07 MB