Global steel markets short-term outlook October 2024

To shore up the weakening economy, China rolled out strong stimulus packages which ignited the steel market with HRC prices surging by 18% in the last week of September. Despite favourable macro policies, we foresee some volatility in steel prices ahead, given the geopolitical uncertainties. India saw strong construction demand and pre-Diwali restocking, while the EU continued to crumble with deteriorating market confidence. In contrast, the US Federal Reserve cut rates by 50 basis points in September, a move expected to boost consumer spending and construction investment. We are cautiously optimistic about additional fiscal stimulus measures to emerge from the upcoming governmental meetings in China in November, which could bolster steel demand in Q4 and the following year. Please read our report to get the full picture of the future of steel prices and market dynamics.