Global steel markets short-term outlook January 2024

Global crude steel production in December 2023 decreased by 5.3% year-on-year, largely dragged down by China’s output slumping by 14.9%, while nearly all other major producers registered growth, led by India, America and Turkey. China is deeply into the off-peak season for steel demand up until the Chinese New Year in mid-February. India continues to witness strong demand and production thanks to robust construction activities. On the flip side, the Western economies have been wading through a gloomy macroeconomic environment. A soft recovery is anticipated in 2024. China will witness a marginal uptick, while Japan and South Korea are still under pressure by the sluggish economy. The EU will enjoy a milder-than-expected recovery owing to improved economic conditions. At the same time, India will continue to shine with an estimated 6% year-on-year growth led by the construction boom. For more details, please refer to the full reports.