Commodity Market Report
Steel short-term outlook October 2023
This report is currently unavailable
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
In September, global crude steel production decreased by 1.5% year on year. China was leading the fall as its steel demand remained sluggish and steel mills’ profitability continued to deteriorate. A RMB1tn special treasury bond posed upward risks to our 2024 forecast. India’s steel demand continued to be robust in September with a 17% year-on-year growth driven by pre-election construction activities. On the flip side, increasing interest rates, recessionary fears, and high debt levels have weakened business and consumer confidence in the West where steel demand and supply remained depressed. In the coming months, we expect that China will continue to shrink production to echo weakening demand in winter. Indian steel market will maintain the strong momentum in both supply and demand. Overshadowed by recessionary risks and high inflation, Europe and America will be lagging behind, with bumpy recovery prospects ahead.
Table of contents
- Global steel market outlook
- Country snapshot
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Global oil supply short-term update - October 2025
OPEC+ begin to unwind next tranche of cuts. We assume only a partial return of volumes due to a weakening outlook for prices.
$1,350
Insight
India’s potential as a refining and petrochemicals hub
Key themes: India's demand potential, investment challenges, competitiveness gaps, refining-chemicals integration and slow decarbonisation.
$900
Insight
Lithium’s US$2 Billion Question: How Bolivia's election could determine the fate of its vast lithium resource
Bolivia's lithium future is at the crossroads as the Oct 19 runoff between two candidates supporting lithium development approaches.
$1,050
