Global Steel Strategic Planning Outlook – Q2 2023
After a dismal first half, all eyes are glued on hopes that demand recovery garners pace in the latter half of the year. Conversely, macro headwinds are still at play, and construction and consumer spending will remain subdued. Automotive production and manufacturing must fire at full throttle to bolster demand growth in the near term. Chinese steel demand will inch towards a slow recovery in 2023, led by some respite in property construction, easing credit policies, consumer spending and a robust infrastructure pipeline. Steel consumption in Europe, CIS, and Japan will stay in the negative territory in 2023, whereas India, Indonesia and the US will lead global growth. Over the long term, China will be a growth deterrent. Global growth will piggyback on robust demand momentum from emerging economies in Asia Pacific and South America. The steel market’s strategic planning outlook provides demand-supply analysis and price forecasts out to 2050.