Commodity Market Report

Global steel markets short-term outlook May 2024

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During Jan-Apr 2024, world steel production dropped -0.9% over last year, as production levels in China and mature markets remained sombre. India, on the other hand, continued its feat with a growth of 8.5% in production during the same period. Chinese domestic steel demand continued its downward trajectory weighed down by weak domestic fundamentals. While the stimulus measures for the property sector are boosting sentiment, how it translates to demand remains to be seen. In the mature markets too, inflationary pressures, tight monetary policies and labour shortages have played spoilt sport for steel demand. Early signs of global steel demand settling from Q3 are being seen, supported by seasonal upticks, and improving economic environment in the US. Steel demand in India would remain strong but monsoons in Q3 pose a slight downside risk.

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