Global steel markets short-term outlook July 2024 Report

Commodity Market Report 31 July 2024

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Report summary

During H1 2024, global steel production remained flat compared with the previous year. Dragged by seasonality, China and other mature economies lowered their output while India continued to witness remarkable growth. China’s steel demand continued its sluggishness in July, weighed down by slow progress in infrastructure investment and depressed housing development. India experienced robust growth in steel demand in H1, but we expect the pace to slow slightly in Q3. Political and economic uncertainty continue to pose downside risks to the post-summer revival in the EU and US. Prices fall across regions except EU; Q3 will see prices in the US rise while Asian prices will be under pressure. Please read our report to get a complete picture of the future of steel prices and market dynamics.

Global steel market outlook
- Demand weakens due to seasonality; bearish sentiment posing risks for H2
- Prices fall across regions except EU; Q3 will see prices in the US rise while Asian prices will be under pressure
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