Global steel markets short-term outlook June 2024 Report

Commodity Market Report 28 June 2024

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Report summary

During Jan-May 2024, global steel production remained flat compared to the previous year. China's weak construction market and dull demand in the West were offset by exceptional growth in India, the Middle East, and Turkey, which helped maintain overall production levels. The demand sluggishness caused global steel prices in June to decline by 1-5% month-on-month. Key points to explore in our report: • Is there any revival in sight for Chinese steel demand? What will the government’s stance be towards steel production restrictions? • Will India be able to sustain the demand rally? • What is the forecast for steel demand in the EU and US? • How will global dynamics impact steel prices and margins? Please read our report to get a complete picture of the future of steel prices and market dynamics.

Global steel market outlook
- Demand sluggishness persists; delayed demand revival expected by year-end
- Prices fall across regions except India; Q3 will see prices in the west rise while Asian prices will stay rangebound
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